: Govt gives relief to MSMEs by extending GSTR9C to June 30 #FinanceIndia #StockMarketNEWS Govt gives relief to MSMEs by extending GSTR-9C to June 30 New Delhi, Mar 16 (KNN) The government has given

@StockMarketNEWS Wed 18 Mar, 2020

Posted in: #FinanceIndia #StockMarketNEWS

Govt gives relief to MSMEs by extending GSTR9C to June 30 #FinanceIndia #StockMarketNEWS
Govt gives relief to MSMEs by extending GSTR-9C to June 30 New Delhi, Mar 16 (KNN) The government has given relief to Micro Small and Medium Enterprises (MSMEs) by extending the GSTR-9C (Reconciliation Statement) for the Financial Year 2018–19 to June 30th 2020 for taxpayers having aggregate turnover below Rs 5 crores.

The GST Council, in its 39th meeting held on Saturday, has extended the due date for filing GSTR-9 (Annual Return) and GSTR-9C (Reconciliation Statement) for the Financial Year 2018 – 19 to be extended to 30th June 2020, an official statement said.

The Council also waived late fee for delayed filing of annual returns for FY18, FY19 by entities with turnover of less than Rs 2 crore.

The FM said that Rs 78,000 crore has been collected as compensation cess. The total compensation related to stats is over Rs 1.2 lakh crore, she said.

The council also raised GST on mobile phones, specified parts to 18 per cent from the existing 12 per cent while GST on handmade, machine-made matchsticks has been rationalised to 12 per cent while GST on MRO (maintenance repair overhaul) services of aircraft slashed to 5 per cent from 18 per cent.

All rate related changes will come into effect on 1 April.

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