India Eases Some GST Rules to Help Taxpayers in Pandemic Period
(Bloomberg) -- India’s government eased some rules relating to indirect-tax compliance to ease the burden of citizens during the pandemic period.
Reduced penalty and waiver of late fees on delayed goods and services tax payments were among the measures announced by the Finance Ministry Sunday. Taxpayers were also allowed more time to file GST returns.
Here are some more details from the statement:
- For persons with turnover above 50 million rupees, interest rate would be charged at 9% for the first fifteen days for delayed tax payments and 18% after that
- For persons with turnover up to 50 million rupees, no interest rate would be charged for the first fifteen days for delayed tax payments, 9% for the next 15 days and 18% thereafter
- To see detailed statement, click here
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