Providing relief to businesses, the centre on Tuesday said that it has allowed verification of monthly GST returns filed via EVC or electronic verification code till May 31. In a notification, the Central Board of Indirect Taxes and Customs (CBIC) said any registered person during the period from April 21, 2021, to May 31, 2021, will be allowed to furnish the return in Form GSTR-3B and details of outward supplies in Form GSTR-1 verified through electronic verification code (EVC).
In the current regime, businesses are needed to digitally sign the GSTR-3B form while filing the return and paying taxes. But now as offices remain shut due to Covid 19 second wave, there is a difficulty in generating digital signature leading to delay in filing returns.
Meanwhile, as per Japanese brokerage firm Nomura there has been a fall in business activity by a fourth owing to lockdowns imposed by states to combat Covid 19.However, it said the falling activity levels will have a muted economic impact and maintained its growth estimates for the year, saying the lockdowns present "downside risks".