Temporary Relief from GST Council for Small Businesses Affected by Covid-19

New Delhi: Temporary Relief from GST Council to Small Businesses Affected by Covid-19

The GST Council has announced a temporary relief for small businesses that have been hit by Corona’s hardship, saying it will cut the interest rate charged for the delay in the submission of GST-R-3B returns.The GST Council said the exemption was for submission of returns for the months of February and March 2020. In case of delay in submission of returns till September 30, the interest rate will be levied at 9 percent instead of 18 percent. This will help taxpayers of small businesses with an annual income of Rs 5 crore and below.

No tax is levied on small taxpayers for three months until notified dates. From now on, until September 30, 9 percent interest will be charged, the finance ministry said.

Meanwhile, the GST council has also decided to deduct the charges for the delay in submission of the GST R-4B return for the period from 6th to 5th January, at a cost of Rs.500