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Big relief for taxpayers: Late fee for non-filing of GST returns cut sharply.


Date: 04-07-2020
Subject: Big relief for taxpayers: Late fee for non-filing of GST returns cut sharply
The government on Friday sharply reduced the late fee for not filing monthly summary return GSTR-3B, by capping it at Rs 500 per return, down from Rs 5,000 earlier. This is applicable for returns starting from July 2017 up to July 2020, subject to the condition that the returns are filed by September 30.

Further, the Central Board of Indirect Taxes and Customs (CBIC) has already notified that there will be nil late fees if there is no tax liability. “Additionally, if there is any tax liability then a maximum late fee of Rs 500 per return would be applicable to such GSTR-3B returns filed up to September 30, 2020,” the government said in a statement.

CBIC said that the decision was based on various representations asking for further relief in late fee charged for the tax period of May to July 2020, in addition to earlier provided relief for February to April this year and relief provided for cleaning up past pendency of returns from July 2017 to January 2020.

It added that a uniform late fee is simpler in design and easier to implement on automated common portal.

Source:- financialexpress.com

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