Interest, late fee and penalty will be waived for companies with a turnover up to Rs 5 crore.
The government on March 24 announced extension of the last date for filing GSTR-3B for Goods and Services Tax (GST) for March, April and May to June 30.
“Others can file returns due in March, April and May 2020 by last week of June 2020 but the same would attract a reduced rate of interest at 9 percent per annum from 15 days after due date (current interest rate is 18 % per annum),” she said.
Bigger companies, the FM said, would have to pay only interest but no late fee or penalty will be imposed.
“No late fee and penalty to be charged, if complied with before or till 30th June 2020,” she said.
In a press conference, Sitharaman announced a slew of measures to fight the economic fallout of Covid-19 pandemic.
“The extension of GST return filing timelines together with the deferment of e-invoicing and new returns announced earlier would allow businesses to focus on resumption of business processes once normalcy resumes in future,“ said MS Mani, Partner, Deloitte India.
The government also extended the date till the last week of June, for opting for composition scheme.
“Further, the last date for making payments for the quarter ending 31st March, 2020 and filing of return for 2019-20 by the composition dealers will be extended till the last week of June, 2020,” the FM said.
The date for filing GST annual returns of 2018-19, which was due on March 31, has been extended till the last week of June.
“Due date for issue of notice, notification, approval order, sanction order, filing of appeal, furnishing of return, statements, applications, reports, any other documents, time limit for any compliance under the GST laws where the time limit is expiring between 20th March 2020 to 29th June 2020 shall be extended to 30th June 2020,” the government said.
Sitharaman also extended the deadline for filing FY19 income tax (I-T) returns till June 30.
ATM charges have been scrapped till June 30.
Source: moneycontrol
