Daily Mail India
People Inbox @ Single Platform

Good News: Major relief to taxpayers as govt caps GST late fee

New Delhi: In a significant relief to the GST taxpayers, the federal government has determined to cap the utmost late fee for Form GSTR-3B at Rs. 500 per return for the tax interval July 2017 to July 2020.

However, that is topic to the situation that such GSTR -3B returns are being filed earlier than September 30, 2020.

The Central Board of Indirect taxes and Customs (CBIC) has notified that there shall be nil late charges if there isn’t a tax legal responsibility; and, if there’s any tax legal responsibility then a most late fee of Rs. 500 per return can be relevant to such GSTR-3B returns filed upto September 30.

The CBIC stated that numerous representations have been obtained to give additional relief in late fee charged for the tax intervals of May 2020 to July 2020, as well as to earlier supplied relief for February 2020 to April 2020 and relief supplied for cleansing up previous pendency of returns from July, 2017 to January, 2020.

Also, a uniform late fee is easier in design and simpler to implement on automated widespread portal. So the late fee is capped at Rs. 500 solely per return, if filed earlier than September 30 this yr.

Source hyperlink