Union Budget may ease GST compliance burden for micro and small enterprises: Report

At present, Section 47 of the Central GST Act imposes late fees for delays in filing returns such as GSTR-1, GSTR-3B and GSTR-9, with the penalty increasing on a daily basis until it reaches a prescribed cap. The Union government is evaluating steps to ease the goods and services tax compliance burden for small businesses in the upcoming Budget, amid concerns that higher US tariffs have hit micro…