Relief for taxpayers as govt announces various measures, extends deadlines

Finance News Update

 

As the challenges faced by taxpayers in meeting the regulatory compliances under Goods & Services Tax (GST) law amid the second wave of COVID-19 have increased, the central government has announced various relief measures for taxpayers under the goods and services tax law.

The measures include reduction in the rate of interest, waving off the late fee to ease the compliance burden, extending the due date of filing GSTR, and extension in time limit under GST Act.

The due date, regarding GST filing, has been extended for belated or revised income tax returns for the financial year 2019-20, GSTR-1 (sales return), GSTR-3B (summary return), GSTR-4 (annual composition return), filing any appeal, and paying taxes. The rate of interest has been rationalised and late fees waived off in certain cases.

“In view of the adverse circumstances arising due to the severe Covid-19 pandemic and also in view of the several requests received from taxpayers, tax consultants & other stakeholders from across the country, requesting that various compliance dates may be relaxed, the government has extended certain timelines today,” the Central Board of Direct Taxes (CBDT) said in a statement.

Those with a turnover of up to Rs 1 crore filing GSTR-3B for March and April have 30 more days after which they will have to pay the late fee. Those with a turnover of up to Rs 5 crore have 15 more days to file with nil late fee.

The due date for filing annual returns by compensation dealers has been extended to May 31 from April 30. The due date for GSTR-1 or sales return has been extended till May 26.

Meanwhile, the interest rate has been cut by half to 9 per cent for a delay of 15 days for GST assesses with a turnover of over Rs 5 crore. Those with a turnover of up to Rs 5 crore would not have to pay any interest for the first 15 days and 9 per cent for the next 15 days.

Also, the due date for filing objections to Dispute Resolution Panel (DRP) and filing appeals to the commissioner has been extended till May 31.

 

 

 

 

Source:zeebiz

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