New Delhi, March 24 (IANS) The Finance Ministry on Tuesday announced the extension of the deadline for filing returns of goods and services tax (GST) for March, April and May 2020 till June 30.
Addressing the media through video conference, Union Finance Minister Nirmala Sitharaman said that the deadline for filing composition returns has also been extended to June 30.
She further said that companies which have a turnover of less than five crore, no interest, no late fee, or no penalty will be charged.
Companies with turnover of above Rs 5 crore will not have to pay any late fee or penalty but will have to file a 9 per cent interest rate for late filing of GST.
“I want to underline is the date for opting for composition scheme is also extended to 30th June 2020.” she said.
The minister also announced the extension of the deadline for filing income tax returns for the financial year 2018-19 till June 30, 2020 in a bid to provide relief amid the coronavirus crisis.
Sitharaman also said that the government has reduced the interest rate on delayed TDS deposit to 9 per cent from the previous 18 per cent.