In a relief to business owners across the country, the government has decided to waive off the late payment fees for businesses which have delayed the filing of GST returns and has asked them to correct their errors at the time of submission of the final returns on September 5th.
The initial plan was to make sure the GST returns for July were to be paid by August 25th but now the date has been extended to September 5th for sales and September 10th for purchases.
In an official letter from the finance ministry, the interest on late payment of fees has not been waived off. The interest rate has been set at 18 per cent for defaulters.
59.57 lakh businesses are expected to file their returns for July and 38.38 lakh businesses have already filed for GST returns for July. A total of 92,283 crore INR has been collected from these 38.38 lakh businesses.
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