SMALL BUSINESSES TO BENEFIT FROM GST COUNCIL’S DECISION TO SLASH INTEREST RATES

Highlights

• Finance Minister Nirmala Sitharaman said those businesses that haven’t  filed returns for the month of February, March and April won’t be liable for any interest till July 6

• After July 6, all the small businesses will have to pay interest of 9 percent, instead of previous 18 percent

• The reduction in the interest rate for the late fees is valid till September 30