Major relief to small taxpayer

Major relief to small taxpayers with an aggregate turnover of less than Rs 5 crore. The interest rate on late submission of returns for the month of February, March, and April has been reduced from 18 per cent to 9 per cent. Also, for Taxpayers with T.O. less than 5Cr there would be no late fee for filing GSTR 3B returns with no tax liability in there respective returns, pending from July 2017 to January 2020. However, for those with tax liabilities in the respective returns, the maximum late fee has been capped to Rs 250 for CGST &  Rs 250 for SGST for each return or actual late fee liabilty whichever is lower.

 

Source:- Financial Express