Extended Date of GST Return File

There is no doubt the pandemic covid-19 has severally impacted all sectors including the businesses. It has not just resulted in the demise of major population on a global level, but has impacted the economy of developed and developing nations alike.

The govt. of India has set an example by presenting multiple schemes and relaxations for the business class. One of their major decisions is the extension of GST Return Filing Date.

After the announcement of finance minister Nirmala Sitharaman, people are no more required to file the GST Return in the month of March/April.

Due Date of GST Return File 2020

The extended date for GST Return File is June 30 without any penalties or late fine. People, who were afraid if they would have to pay some extra amount or late fee do not need to worry about the GST Return File, and can focus on the major priorities.   

“While I announce 30th June as the date, specific regions will have dates like 27, 29, or 30th.” – Nirmala Sitharaman, Finance Minister of India.

Provisions on Interest, Late Fee and Penalty

Apart from announcing the new date for GST Return Filing, the finance minister also mentioned that the small and medium size businesses (with less than Rs 5 crore turnover) will not be required to pay any interest, late fee or any kind of penalty for the delay.

For large companies, (with more than Rs. 5 Crore turnover) the late fee and penalties will not be applicable, but they will have to pay an interest but with a reduced rate. The rate of interest for large businesses is 9%. The date for opting composition scheme has also been extended to 30th June 2020.

The effects of Covid-19 outbreak on small businesses is obvious, and this waiver of interest, late fees and penalty for growing businesses will help them revive their state.

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