New Delhi, July 22 (KNN) The Finance Ministry has announced extending the deadline for opting relaxed Goods and Services Tax (GST) for the small and medium assesses.

Earlier the deadline was till 21^st of July, this is now extended till August 16.

Under the relaxed GST scheme, businsses with turnover of 75 lakh are given the provision to pay GST in the range of 1-5 per cent depending upon the nature of the businsses. For instance, traders are to pay 1 per cent GST, whereas manufacturers are placed at 2 per cent GST under the relaxed GST.

While the small and medium businsses can opt for the relaxed GST, they can’t avail reimbursements for taxes paid on inputs i.e. input tax credit. (KNN/ DA)