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Big Relief For Small-Medium Scale Businesses: Last Date For March, April, May GST Returns Extended To 20 June
A shop selling firecrackers (Priyanka Parashar/Mint via Getty Images)
Finance Minister Nirmala Sitharaman provided a relief to small and medium scale businesses by announcing that the last date to file GST returns for the months of March, April and May 2020 have been extended to 30 June. A similar extension has been provided for those who have opted for the composite scheme.
This is expected to benefit small and medium scale businesses who have been economically hit by the on-going coronavirus pandemic.
On top of it, companies having a turnover of less than Rs 5 crore per annum will not be charged any penalties in case of late filing of GST returns. In case of companies with turnover over Rs 5 crore, they would be required to pay an interest of 9 per cent after the expiry of a 15 day grace period.
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