INSUBCONTINENT EXCLUSIVE:
Taxpayers with a turnover of approximately Rs 5 crore will have 30 more days to submit 3B returnsThe federal government has waived late
costs on a hold-up in filing GST regular monthly return GSTR-3B for the months of March and April and cut the rates of interest for late
filers, in view of the obstacles faced by taxpayers due to the outbreak of 2nd wave of Covid-19 pandemic
The relaxations will come into result from April 18, the Central Board of Indirect Taxes and Customs (CBIC) said.Taxpayers with a turnover
going beyond Rs 5 crore will have an additional 15 days to submit their month-to-month summary return GSTR-3B without paying any late fees
Additionally, they will need to pay a lower rates of interest of 9 percent for these 15 days (the rate of interest will be 18 per cent
Taxpayers with a turnover of up to Rs 5 crore will have 30 extra days to file 3B returns for March and April, with a waiver in late fees
The rates of interest will be 'Nil' for the very first 15 days and 9 percent for the staying duration
After the conclusion of thirty days, a rates of interest of 18 percent will be levied on the tax payers concerned.People who have actually
chosen to pay tax under the Structure plan will have to NIL rate of interest for the very first 15 days from the due date of tax payment, 9
percent for the next 15 days and 18 percent afterwards.
