Late Fees levied for delay in GST Returns filing been waived off!

Waiver off of Late Fees to be Charged in for Non-filing of GST 3B Returns from July'2017 to April'2021. New revised Late fees applicable from June'2021 and onwards.

Late Fees to be levied for delay in GST Returns filing been waived off in excess of Rs.500 & Rs.1000 in respective returns. GST council in the meeting has taken decision to reduce the burden on small assesses due to the pandemic effect and businesses in losses. Gratitude to GST council for this decision of waiving off late fees for pending returns from GST introduction. 



Allowing Waiver off is a good news for the assesses who are struggling to get their returns filed.  Late fees Waiver off is not allowed to the fullest, there is a limit of late fees to be levied. Rs.500/- for Nil Returns filing and Rs.1000/- for tax payable returns filing is the limit of late fees to be levied. Waiver off is only for the amounts over and above this prescribed limits.  There is a condition to enjoy this waiver off that all 3B filings pending from july'2017 to april2021 are to be filed in the period 01/06/2021 to 31/08/2021.

👉 3B Returns > If NIL Filing > montly/quarterly returns pending from 07/2017 to 04/2021 > Late Fees restricted to Rs.500/- for every return.

👉 3B Returns > If tax payable filing >  montly/quarterly returns pending from 07/2017 to 04/2021 > Late Fees restricted to Rs.1000/- for every return.

Late fees attracted in excess of mentioned above shall be waived off if returns are filed during the specified period. (Ex: July'2020 3B return to be filed on or before due date 20th August'2020 but not filed till today. Delay in 3B return filing is 224 days(20/08/2020 to 01/04/2021)  

👉 For Nil/zero 3B return filing actual late fees is Rs. 4480/-(224 daysx20/-) 

In above case late fees is restricted to Rs. 500/- if returns are filed in specified period.

👉 For Tax payable 3B return filing actual late fees is Rs. 10000/- (224daysx50/-, 10000/- max)

In above case late fees is restricted to Rs. 1000/- if returns are filed in specified period. Assesses Registered can utilize this opportunity to furnish the pending 3B return filings and save Late fees to the maximum.  

GST council has also announced another thing about the late fees applicability from June'2021 returns filings(monthly/quarterly) and onwards.  Late fees to be levied for delay in return filings shall be revised from the existing to certain limit. 

👉 3B, All Returns > If NIL Filing > montly/quarterly returns from June'2021 and onwards > Late Fees restricted to Rs.500/- for every return.(in other words payable late fee waived off in excess of Rs.500/-)

👉 3B, All Returns > If tax payable filing > Assesses Registered aggregate turnover upto 1.5 crores in preceding financial year > montly/quarterly from June'2021 and onwards > Late Fees restricted to Rs.2000/- for every return.(in other words payable late fee waived off in excess of Rs.2000/-)

👉 3B, All Returns > If tax payable filing > Assesses Registered aggregate turnover more than 1.5 crores and upto 5 crores in preceding financial year > montly/quarterly from June'2021 and onwards > Late Fees restricted to Rs.5000/- for every return.(in other words payable late fee waived off in excess of Rs.5000/-)

Assesses Registered been given relief for late fees payable to encourage them to file the returns and to reduce the burden which is not bearable now due to pandemic.

Waiver off of late fees payable for delayed 3B returns notification no. 19/2021👉 notfctn-19-central-tax-english-2021.pdf (cbic.gov.in)

GST COUNCIL AND OFFICIAL AUTHORITIES REQUESTED THE REGISTERED GST ASSESSES  TO FILE HE PENDING RETURNS AND GET RELIEF FROM GETTING CANCELLATION OF GST REGISTRATION.


***Note: Above article is written as per my understanding towards the waiver off relief. Please follow the notification for more accurate details.



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