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.
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.
The due date for filing FORM GSTR-1 for the month of March, April and May 2020 has been extended to "30.06.2020" and all the applicable Late Fees ( levied u/s 47 of the CGST Act 2017 ) has been waived off, as per Notification No. 33/2020 - Central Tax, dated 03.04.2020.
Taxpayers having aggregate turnover of or more than ₹ 5 crores: No late fee and penalty to be charged, if complied before till 30th June 2020. However, it will attract reduced rate of interest @ 9 % per annum from 15 days after due date (current interest rate is 18 % per annum