GST Late Filing Rate For Smaller Taxpayers With Turnover Of Upto Rs 5 Crore Halved

Ministry of Finance stated today that for smaller taxpayers with an annual turnover of up to Rs 5 cr, the rate of interest for late filing of GSTR-3B returns halved to 9% if filed by Sep 30, 2020. The mandatory requirement of filing returns & statement of outward supplies using digital signature was relaxed. In light of COVID-19, taxpayers were given certain compliance-related relaxations to ease their burden. Relief was provided by way of payment deferrals, reduced interest rate, and waiver of late fee/capping of late fee to Rs 500 in certain cases.

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