Late Fee waived off on GST Returns

5 Jan
Late Fee waived off on GST Returns

The government has waived late fees on GST returns between July 2017-September 2018. However, these non-filers would have to file their returns for the said period by March 31, 2019.

GSTR-3B is the summary sales return while GSTR-1 is the final sales return. GSTR-4 is filed by businesses who have opted for composition scheme, under which they have to file returns quarterly. 

The fee for late filing of the returns is Rs 25 per day for Central GST (CGST) and an equal amount under State GST (SGST). 

However, those assesse who have to file returns with 'nil' tax liability would have to pay a fine of Rs 10 each under CGST & SGST law.

The CBIC said "the amount of late fee payable under Section 47 of the said (CGST) Act shall stand waived for the registered persons who failed to furnish the return" in Form GSTR-3B GSTR-1, for the months between July 2017 and September 2018, by the due date but furnishes the said return between the period from December 22, 2018 to March 31, 2019. 

For assesse filing GSTR-4, the late fees would be waived for non-filing of returns for the quarters from July 2017 to September 2018 provided the said returns are furnished between the period from December 22, 2018 to March 31, 2019, the CBIC said. 

Filing Samadhan Founder Tushar Walecha said: "Big Relief! The ministry of finance has finally waived off the late fees for assesse who were unable to file GSTR-1, GSTR 3B or GSTR-4 for the period July 2017 to September 2018 within the due date.This relief should not be taken for granted.