Good news for businesses, taxpayers! Various GST relief measures announced, check here

5 days ago 2
GST

For registered persons having aggregate turnover supra Rs 5 crore, a 9% involvement rate, alternatively of the accustomed 18%, volition beryllium levied “for the archetypal 15 days from the owed day of outgo of tax. 

Keeping successful presumption of the rising Covid-19 cases crossed the country, the Indian authorities has announced assorted alleviation measures for taxpayers nether the Goods & Services Tax (GST) law. The determination volition springiness a large respite to respective concern and taxpayers who are reeling nether the pandemic.

In its authoritative statement, the Ministry of Finance announced a simplification successful the complaint of interest. For registered persons having aggregate turnover supra Rs 5 crore, a 9% involvement rate, alternatively of the accustomed 18%, volition beryllium levied “for the archetypal 15 days from the owed day of outgo of taxation and 18 per cent thereafter for taxation periods March 2021 and April 2021, payable successful April 2021 and May 2021.”  

For registered persons having aggregate turnover up to Rs 5 crore, a 0% involvement complaint volition beryllium levied for the archetypal 15 days from the owed day of outgo of tax. The ministry volition complaint a 9% complaint for the adjacent 15 days, and 18% thereafter. The deadlines are the aforesaid for some mean taxpayers and those nether QRMP strategy for akin GST outgo deadlines. 

The ministry has besides announced a waiver of the precocious interest for 15 days beyond the owed day for registered persons having aggregate turnover supra Rs 5 crore. For registered persons having aggregate turnover up to Rs 5 crore, there’s nary precocious interest for 30 days aft the owed date.  

Moreover, the ministry has announced the hold of owed day of filing GSTR-1, IFF, GSTR-4, and ITC-04. Last day for filing FORM GSTR-1 and IFF for the period of April has been extended by 15 days. Taxpayers and concern tin record FORM GSTR-4 and FORM ITC-04  for FY 2020-21 until 31st May, 2021 now.

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