Pay GST in Installment, and on the Basis of Receipts Instead of Invoices

Sourabh Kumar (Ex-Employee)

5 years ago

In a recent event, some sources hinted that the Government can provide a big relief regarding the problems people face in paying GST due to the effect of lockdown and Covid-19 pandemic. They said that the Government can allow GST Payment in EMIs, so taxpayers and business houses can pay GST in installments. One more update received from these sources that the Government may permit taxpayers to pay GST on the basis of receipts instead of invoices.

However, the GST Payment in EMIs will attract interest on the payment. The government is also thinking of reducing the existing interest rate on clearing all old/ pending taxes.

Traders and businesses are facing problems in filing the GST when their payment gets stuck. And when there is countrywide back to back lockdowns and restrictions on movements, this problem is very common.

The government has decided to provide immediate relief to the traders, that’s why by considering these problems the Government will provide relief by offering an exemption to pay GST only on the receipt instead of an invoice. The Provision of paying GST after the payment will definitely provide relief to all the traders and businesses.