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Small traders will be able to file returns till September 30, also discounted interest rates

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Small traders will be able to file returns till September 30, also discounted interest rates

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Small traders will be able to file returns till September 30, also discounted interest rates

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Such traders who haven’t file returns from July 2017 to January 2020 and don’t have any tax arrears and such traders will not need to pay late fees on filing returns.

Split traders have also been given time to file returns by 30 September. After the stipulated time, the speed of interest has been reduced by 50 per cent, which can benefit the large businessmen.

Senior tax consultant Jagdish Gurjar Gaid said that those with but 5 crore turnovers also are benefiting. thanks to this, within the returns which will be filed from February 2020 to May 2020, 18 per cent annual interest has been changed to 9 per cent annually. If there’s no business turnover from 1 July 2017 to 31 January 20, then they’re going to not need to pay late fees for this era.

If the trader is susceptible to pay tax during a month, then he wont to pay a maximum tax of Rs 10,000 within the past, which is now limited to Rs 500 per month. Vyas said that traders with but 5 crore turnovers will need to fill February, March returns by June 30, April returns by July 6 and should by July 13.

This advantage of the traders will not attract any late fees and interest for the tiny businessmen who fill GST returns from February to April 2020 till July 6, 2020. After filing of returns after 6 July, only 9 per cent interest will need to be paid on 30 September 2020 by submitting GST returns.

Also got the power Gurjar Gaid told that taxpayers whose registration was cancelled before 12 June 2020 thanks to non-filing of returns. they need to be been given an opportunity by the govt, if they submit the returns from 1 July 2017 to 30 January 2020, from 1 July 20 to 30 June 20, their cancelled registrations will start. Tax consultant Jagdish Gurjar Gaid for traders with quite 5 crore turnovers
said that if traders with quite 5 crore turnovers fill the returns of February, March and April by May 20, they’re going to not need to pay interest. If they file the returns after this, by Midsummer Day, rather than 18 per cent, interest will need to be paid at the speed of 9 per cent once a year.

Traders need to fill all the returns of February, March and April by 24 June. For merchants who haven’t filed GST return three from July 2017 to January 2020, the late fee is going to be applicable at the speed of Rs. 500 per rupee. Reduced rate late fee is going to be applicable on filing GST returns from 1 July 2020 to 30 September 2020.

For traders who haven’t finalized the GST returns from July 2017 to January 2020 and don’t owe any tax, then such traders will not need to pay late fees on filing returns. Small traders have also been given time till September 30 to file returns.
After the stipulated time, the interest rates are reduced by 50 per cent, which can benefit small and large traders. Tax consultant Nakula Jain said that those with but 5 crore turnovers also are benefitting. thanks to this, within the returns which will be filed from February 2020 to May 2020, 18 per cent annual interest has been changed to 9 per cent annually. If there’s no business turnover from 1 July 2017 to 31 January 20, then they’re going to not need to pay late fees for this era. If the trader is susceptible to pay tax during a month, then he wont to pay a maximum tax of Rs 10,000 within the past, which has now been limited to Rs 500 per month. Jain said that traders with but 5 crore turnovers will need to fill February, March returns by June 30, April returns by July 6 and should by July 13.

More than 5 million turnover February businessman over, or a return of March and April 24 9% pay interest
returns merchant Jain said quite 5 million turnovers that February, March and April to submit by Midsummer Day they’re going to need to pay interest at the speed of 9 per cent once a year rather than 18 per cent. Traders need to fill all the returns of February, March and April by 24 June. For merchants who haven’t filed GST return three from July 2017 to January 2020, the late fee is going to be applicable at the speed of Rs. 500 per rupee. Reduced rate late fee is going to be applicable from 1 July 2020 to 30 September 2020 on filing GST returns.

The benefit to small traders
Small businessmen won’t incur any late fees and interest if they fill the GST return from February to April 2020 till July 6, 2020. After filing of returns after 6 July, only 9% interest will need to be paid on submission of GST return till 30 September 2020.
Jain said that taxpayers whose registration was cancelled before June 12, 2020 thanks to non-filing of returns. they need to be been given an opportunity by the govt, they will fill the returns by 30 June.

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Anurag Srivastva
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