The government has extended the timelines for Income Tax and GST compliance amid the covid-19 crisis to ease the burden of coping with the tight deadlines during its second wave. As mentioned in the previous news article, the finance ministry had been receiving numerous requests from all industries to ease the deadlines and extend them, and their call has successfully been heard.
With this exponential growth in the Covid cases, experts from all the industries feel that the timelines will have to be extended even further. “In view of the severe impact of the Covid crisis, and also in view of the numerous requests received from taxpayers, tax consultants and other stakeholders from all over the country, requesting the deadlines to be relaxed, the government has decided to extend certain timelines today,” the Central Board of Direct Taxes (CBDT) said.
Those filing GSTR-3B with a turnover of up to 1 CR. have 30 more days, after which they will need to pay the penalty of late fee. Those with a turnover up to 5 CR have 15 more days than the others. The due date for GSTR-1 and sales return has been extended to May 26.
For businesses with a turnover of over 5 CR would have to pay an interest of 9 per cent for a delay of 15 days, while ones with turnover up to 5 CR would not have to pay any interest for the first 15 days, after which it is 9 per cent for them too, which is half of the previous value.