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GST Return filing date extended, relief from late fee, penalties

GST Return filing date extended, relief from late fee, penalties

To provide relief to businesses grappling with the economic impact of Covid 19, the government on Tuesday said it is extending the filing of Return for the month of March, April and May 2020 and composition returns under GST June 30. 

Addressing the press, Finance Minister Nirmala Sitharaman added that staggered filing will apply. “While I announce 30th June as the date, specific regions will have dates like 27, 29 or 30th. 

Significantly, the FM also said companies which have less than Rs 5 crore turnover will not have to pay interest, late fee or penalty. For bigger companies late fee and penalty will not apply and only interest at a reduced rate of 9% will be charged. “This is only for bigger companies. Majority of companies will have no interest, late fee or penalty,” said Sitharaman. 

The date for opting for composition scheme has also been extended to June 30, 2020. 

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