Changes and Update in GST Announced on 24th August 2020
Few of the announcements and changes are as below For smaller taxpayers with an annual turnover of up to Rs 5 cr, the rate of interest for late filing of GSTR-3B returns halved to 9% if filed by Sep 30, 2020. The mandatory requirement of filing returns & statement of outward supplies using digital signature was relaxed.With effect from FY 2019-20, the Composition Scheme was extended to suppliers of services (up to Rs.50 lakh turnover). Further, composition taxpayers were allowed to furnish returns on an annual basis only as against having to file quarterly returns as was the case earlier.Filing of "Nil" GST returns through the SMS facility from the registered mobile number has been introduced which is expected to help almost 22 lakh Nil filers. A big step forward…