GST Return Filing Date
Gst Return Filing Date:GST council meeting on Friday eased compliance burdens for Corona Virus pandemic hit industry particularly small business,but deferred taking a call on crucial issues such as Gst return, resolving the inverted duty structure and paying timely compensation to cash strapped states for their revenue shortfalls.
Tax payers who could not file their GST Return between July 2017 and January 2020 can now file their return after paying a reduce late fee charge of Rs. 500 if they have tax liabilities and taxpayers who do not have any tax liabilities and missed their GST Return can now file it without any changes.
GST Council Meeting
Union finance minister Nirmala sitharaman said after the council 40th meeting that took place through video call conference,the window to do this will be open from 1 July 2020 to 30 September 2020 she said.the council has also provided compliance related concession to small business that have face many problems due to pandemic.
She said the union finance minister is the chairperson of the apex federal body on indirect tax and finance ministers of states are it’s members, normally the council decision are unanimous.she also said the council has slashed the interest rate by half for non compliance by small business having a turnover upto Rs 5 cr. Small business who missed Filing return of February,March and April due to the pandemic will not be charged any interest till July 6, after that they have to pay 9% interest.
She said in other words small taxpayers for these months will not be charged any interest till the notified date up to july there is nothing they have to worry about they don’t need to pay any late fee but thereafter it will be 9% interest instead of 18% interest so reduction in the interest rate is valid upto September 30.
The finance minister said besides, the council has agreed to give a one time extension for restoration of cancelled GST registration the GST collection in march was 97,597 crore. Revenue collection exceeded by 1,00,000 crore for four consecutive months starting November 2019.on the GST revenue position, sitharaman said”we have given the picture to the council”. She however declined the disclose details.
Moratorium On SBI Loan
She also said interest on loan can’t be waived by the sbi bank,sbi bank tells that to apex court sbi statement come in an intervention application it filed on Friday in a plea seeking a waiver on interest charges during the course of the moratorium on loan repayments given by banks amid the nationwide lockdown and The apex court directed the center to file a detail reply in three days and schedule the case for hearing for 17 June.