Industry laments inadequacy of GST compliance relaxations
The Hindu
‘Overall expectation was a complete waiver of late fees for pandemic-hit months’
The GST compliance relaxations announced on Friday to help businesses cope with the second wave of the COVID-19 pandemic need to be enhanced to provide meaningful relief to firms hit by the ongoing severe disruption, industry representatives contend. Following the GST Council’s meeting, Finance Minister Nirmala Sitharaman announced an amnesty scheme for late fees on small businesses’ pending returns from July 2017 to April 2021, and lower interest rates for tax payment delays for the months of March to May this year, among other measures. “About 89% of the GST taxpayers constitute small tax payers, so tax payers can now file their pending returns and avail the benefits of the amnesty scheme with reduced late fee,” she had said. “ate fees have also been rationalised, so that it's not too high or too low for some,” she added.More Related News