Relief on filing GST returns by the Government will enhance ease of doing business for small tax payers: PHD Chamber

No.PR-126 June 12, 2020 New Delhi Relief on filing GST returns by the Government will enhance ease of doing business for small tax payers: PHD Chamber While appreciating the announcements of the Finance Ministry in 40th GST Council Meeting, Dr D K Aggarwal, President, PHD Chamber of Commerce and Industry said in a press statement issued here today that the decisions to provide relief to small tax payers in terms of filling GST returns are highly appreciable to mitigate the daunting impact of pandemic COVID-19 and will enhance ease of doing business for small tax payers in the coming times. The decision for small tax payers whose aggregate turnover is up to ₹ 5 crore will be provided a waiver of late fees and interest if they file the form GSTR-3B for the supplies affected in months of May, June and July 2020, by September 2020. This will help in clearing up of pendencies in the coming times, said Dr Aggarwal. Small tax payers are not required to pay interest for late furnishing of GST returns till July 6, 2020 and after that interest rate will be reduced from 18% to 9% till September 30, 2020. It will significantly ease the burden on tax payers amid these extremely difficult times of pandemic COVID-19. Maximum late fee for non-filing of GSTR-3B returns for period July 2017 - January 2020 for people who have tax liability has been capped to Rs 500. This will apply to all returns submitted during July 1, 2020 - September 30, 2020. Prior to COVID-19 period all those who have no tax liability but have not filed GST returns for tax period July 2017 - Jan 2020, there shall be no late fee at all. This will provide significant respite to them in the coming times, said Dr Aggarwal. Ends. Media Division PHD Chamber of Commerce and Industry