Govt extends GST, I-T compliance due date

The government has extended key compliance timelines for income tax and goods and services tax (GST), and waived late fees in certain cases to ease the compliance burden during the second wave of Covid. With cases rising, experts feel the timelines may need to be extended further.

The government has extended key compliance timelines for income tax and goods and services tax (GST) and waived late fees to ease the compliance burden during the second wave of Covid-19.

The Ministry of Finance had received multiple industry representations, including from micro, small and medium enterprises, seeking a breather of up to three months.

With Covid cases rising in the country, experts feel the government will need to extend the timelines further.

The due date has been extended for filing belated or revised income tax returns for financial year 201920, GSTR-1 (sales return), GSTR-3B (summary return), GSTR-4 (annual composition return), filing any appeal, and paying taxes. The rate of interest has been rationalised and late fees waived off in certain cases.

“In view of the adverse circumstances arising due to the severe Covid-19 pandemic and also in view of the several requests received from taxpayers, tax consultants & other stakeholders from across the country, requesting that various compliance dates may be relaxed, the government has extended certain timelines today,” the Central Board of Direct Taxes (CBDT) said in a statement.

Those with a turnover of up to ~ 1 crore filing GSTR-3B for March and April have 30 more days after which they will have to pay late fee.