No penalty for delay…
No penalty for delay in filing of GST !
The Central Government has announced that there will be no penalty for delay in filing of GST return.
The 40th meeting of the GST Council was chaired by Union Finance Minister Nirmala Sitharaman in the national capital Delhi today. Various State Finance Ministers and Finance Department officials attended the meeting. Nirmala Sitharaman consulted with the state finance ministers on various proposals of the legislative committee to simplify GST practices and benefit the people at the video conference.
Speaking about the main features of the meeting, Nirmala Sitharaman said that the delay in filing GST accounts would not be penalized and if the tax was paid in full, there would be no penalty for delay in return. The announcement was made to help entrepreneurs and other professionals who are professionally affected by the corona virus.
Moreover, for small businesses trading up to Rs 5 crore, the interest rate for filing GST late in the months from February to April has been reduced to 9 per cent. It is also reported that the interest reduction will be effective only till September 30. The meeting was highly anticipated since the first GST advisory meeting to be held after the Corona crash. Taxation and tax exemption for various commodities was discussed at a meeting chaired by Union Finance Minister Nirmala Sitharaman.
The Minister of Fisheries, Jayakumar, who participated in the meeting, urged the central government to expedite the payment of GST arrears to Tamil Nadu.
