New Delhi: There is news of relief for those taking advantage of composition scheme option under GST. The government has extended the deadline for filing GST returns for the financial year 2019-20 for the dealers falling under the composition scheme by two months to 31 October 2020. This is the second time in the last few months that the deadline has been extended.
The actual deadline for filing this return was 15 July, which was increased to 31 August 2020. Now once again the deadline has been pushed forward. The Central Board of Indirect Taxes and Customs (CBIC) said in a tweet, “The deadline for filling GSTR 4 for the financial year 2019-20 has been extended to 31 October 2020.”
Under the Goods and Services Tax (GST), any taxpayer whose annual turnover is up to Rs 1.5 crore can adopt the Computation Scheme. Manufacturers and traders coming under this scheme are required to pay GST at the rate of one percent, while restaurants that do not serve alcohol have to pay GST at the rate of five percent.
