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Published on 3/05/2021 2:17:29 PM | Source: Accord Fintech

Government unveils various relief measures for taxpayers under GST law amid COVID-19 pandemic

Posted in Economy News| #Economy #GST #Government

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In view of the challenges faced by taxpayers in meeting the statutory and regulatory compliances under Goods & Services Tax (GST) law due to the outbreak of the second wave of COVID-19 pandemic, the Government has unveiled various relief measures for taxpayers.

As per the notification, concessional rates of interest in lieu of the normal rate of interest of 18% per annum for delayed tax payments have been prescribed in the following cases: For registered persons having aggregate turnover above Rs 5 crore, for registered persons having aggregate turnover upto Rs 5 crore and for registered persons who have opted to pay tax under the Composition scheme.

The Government also announced waiver of late fee, extension of due date of filing GSTR-1, IFF, GSTR-4 and ITC-04, certain amendments in CGST Rules and extension in statutory time limits under section 168A of the CGST Act.

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