CBIC waives off late fee on late GST filing

CBIC waives off late fee on late GST filing

The Central Board of Oblique Taxes and Customs (CBIC) has notified waiver of late free, capping of late charge at Rs 500 in some circumstances, curiosity payable on late funds and extension of due dates for companies to file items and repair tax (GST) returns for the Covid-19 impacted interval, until October.

The choices had been taken by the GST Council on June 12.

Taxpayers who would not have any tax legal responsibility however had been but to file returns for the interval from July 2017 to January 2020 – previous to the Covid interval – no late charge will likely be charged, the notification issued Wednesday mentioned.

For taxpayers having legal responsibility however not having filed their returns, they will accomplish that with a late charge of most Rs 500, if returns are submitted by July 1, 2020.

Small taxpayers whose combination turnover is as much as Rs 5 crore will likely be supplied a waiver of late charges and curiosity in the event that they file the shape GSTR-3B for the provides affected in months of Could, June, and July 2020, by September 30, 2020, the notification added.

Throughout Covid interval of February, March and April 2020, rate of interest on late return filings by small taxpayers with turnover as much as Rs 5 crore, will likely be decreased to 9% from 18%, if returns of inward provides are filed until September 30.

Taxpayers having combination turnover of as much as Rs 5 crore within the earlier monetary 12 months, whose principal administrative center is within the states of Chhattisgarh, Madhya Pradesh, Gujarat, Maharashtra, Karnataka, Goa, Kerala, Tamil Nadu, Telangana, Andhra Pradesh, the Union territories of Daman and Diu and Dadra and Nagar Haveli, Puducherry, Andaman, and the Nicobar Islands or Lakshadweep, the returns for August needs to be filed by October 1, 2020.

For taxpayers with turnover greater than Rs 5 crore, in Himachal Pradesh, Punjab, Uttarakhand, Haryana, Rajasthan, Uttar Pradesh, Bihar, Sikkim, Arunachal Pradesh, Nagaland, Manipur, Mizoram, Tripura, Meghalaya, Assam, West Bengal, Jharkhand or Odisha, the Union territories of Jammu and Kashmir, Ladakh, Chandigarh or Delhi, the return for August needs to be filed by October 3, 2020.

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