CBIC notifies compliance relief for delayed filing of GST returns
The Central Board of Indirect Taxes and Customs has issued a host of orders on Tuesday, giving effect to various compliance relaxations cleared by the Goods and Services Tax Council last week. These cover an amnesty scheme for defaults in filing monthly transaction summary reports since 2017, late fee waiver for March, April and May and for the March quarter in the case of small firms filing quarterly returns. Accordingly, small businesses with sales up to ₹5 crore will get a late fee waiver of 60 days, 45 days, and 30 days from the due date of filing monthly GST returns for March, April and May, respectively. Small businesses that have signed up for the quarterly presumptive tax payment scheme have been given 60 days of a late fee waiver for their March quarter returns, showed one of the notifications. Quarterly return filing businesses will get exemption from interest for the first 15 days from the due date, followed by 45 days of concessional 9% interest rate, for the quarter ended March.
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