Begin typing your search above and press return to search.
Finally, GST Council Comes Up With Good News For The Small Businesses
By: Tupaki Desk | 12 Jun 2020 1:50 PM GMT
Union Finance Minister Nirmala Sitharaman who chaired the 40th Goods and Services Tax (GST) council meeting that was held through video conference took some key decisions that will impact the revenue collection.
In this meeting, the goods and services tax council emphasized the small businesses in India and decided to slash the late fees and bisecting the burden of the interest rate.
With this, the interest rate of late filing for the small business that has a turnover of up to Rs 5 crores will be cut short to nine percent from GST. This will be effective for the months of February, March, and April months and will be applicable till the 30th of September.
In addition to that, if the GSTR 3B returns is furnished by September the late fees will be waived for the subsequent period of May, June, and July. This will surely, ease the burden of small businesses.
In this meeting, the goods and services tax council emphasized the small businesses in India and decided to slash the late fees and bisecting the burden of the interest rate.
With this, the interest rate of late filing for the small business that has a turnover of up to Rs 5 crores will be cut short to nine percent from GST. This will be effective for the months of February, March, and April months and will be applicable till the 30th of September.
In addition to that, if the GSTR 3B returns is furnished by September the late fees will be waived for the subsequent period of May, June, and July. This will surely, ease the burden of small businesses.
