New Delhi: GST council reduced interest on delayed filing GST returns for February, March, and April to 9 percent, provided the returns are filed by September 2020.
It will be a relief to small scale industries with turn over small taxpayers with turnover up to Rs 5 crore.
The GST interest reduced to half, reports said.
Also, the deadline for filing returns for May, June, and July has been extended till September, without any interest or late fee, Finance Minister Nirmala Sitharaman said after a meeting of the council.
Sitharaman said no late fee will be levied for delayed filing of GST returns by registered entities with nil liability between July 2017 – January 2020.
Briefing reporters after the GST Council meeting, she said the late fee for non-filing of monthly sales return for others has been reduced to a maximum of Rs 500 for July 2017 to January 2020 period.The GST Council – the apex decision-making body of the indirect tax regime – discussed the impact of COVID-19, she said.