The Deputy Chief Minister of Bihar Sushil Kumar Modi has reportedly said that, state would not charge any late fee for delayed GST Returns. The provision of penalty for delayed filing of GST returns for the quarter beginning July has now been done away with.
Sushil Kumar Modi was interacting with the hundred trade body representatives and entrepreneurs who had come to discuss their chaos related with GST with him on Wednesday. The Minister made a statement that “The penalty already paid will be refunded”.
He also added that GST council was well aware about the problems faced by traders. A decision had taken to increase the turn over limit of Rs.75 lakh for those who have opted for the composite scheme to Rs 1.5 crore. Further, the application of reverse charge mechanism that covered them has been deferred to March 31 next year.
He appreciated that the country’s GST network is the biggest one, which facilitate filing of one lakh tax returns every hour.
