Small businesses need more time for GST compliances: survey

89% of small businesses have demanded that the government waive the penalty on late payments and defer GST return filings for the March to May period till June 30, the survey points out

The compliance relaxations offered by the government under the Goods and Services Tax (GST) regime are inadequate, according to a survey of small and medium businesses affected by the lockdown and mobility restrictions in most States. 89% of small businesses have demanded that the government waive the penalty on late payments and defer GST return filings for the March to May period till June 30, as per a survey conducted over the past week by LocalCircles of 2,456 such enterprises located in 122 districts. On May 1, the government had notified some relief measures for businesses to cope with the second wave of the COVID-19 pandemic, allowing delayed filing of some returns, waiving penalties for 15-30 days and reducing the interest on delayed tax payments in a graded manner.