Govt extends income tax, GST compliance timelines amid Covid-19 crisis

Late fees for filing summary return or GSTR 3B waived; Interest rate halved to 9% for 15-day delay in the case of GST assesses with turnover of over Rs 5 crore

The government has extended key compliance timelines for income tax and goods and services tax (GST) and waived late fees to ease the compliance burden during the second wave of Covid-19.
 
The Ministry of Finance had received multiple industry representations, including from micro, small and medium enterprises, seeking a breather of up to three months.
 
With Covid cases rising in the country, experts feel the government will need to extend the timelines further.
 
The due date has been extended for filing belated or revised income tax returns for financial year 2019-20, GSTR-1 (sales return), GSTR-3B (summary return),