Providing relief to the traders of Bihar, the government has not only extended the date of their GST return for 3 months, but has also waived the late fees, interest and penalty on it.
Bihar Deputy Chief Minister and Finance Minister Sushil Kumar Modi gave a big relief to the GST taxpayer in view of the lockdown, saying that now they will be able to pay tax and pay returns without any late fees or penalty till 30 June 2020 instead of 31 March.
Modi said that taxpayers with less than 5 crore turnover will be able to file tax payments and returns for March, April and May without any interest, late fees and penalties till June 30. In Bihar, about 2.75 lakh people will get the benefit of about 85 percent of the total taxpayer.
He said that 20 thousand taxpayers with a turnover of more than 5 crore will be able to pay the tax till March-May till June 30 without any late fees and penalties, but instead of 18, they will have to pay interest at 9 percent annual rate.
The Deputy CM said that the deadline for opting for taxpayers registered under the composition scheme, who have to stay in the same scheme or go to the normal GST in the next financial year, has also been extended from 31 March to 30 June. Such taxpayers will also be able to file tax payment and return for the year 2019-20 till June 30.
The period of information, notification, appeal, return, application and other documents which had to be filed from March 20 to June 29 has been extended till June 30 under the GST Act.
Source- Zee Business.