The Central Government on Tuesday provided a breather to the non-filers of Goods and Services Tax (GST) by waiving late fees.
The non filers of summary and final sales returns for the period between July 2017-September 2018 by businesses registered under GST have been exempted from paying the late fees.
Ready for a challenge? Click here to take our quiz and show off your knowledge!
The Central Board of Indirect Taxes and Customs (CBIC) has notified waiver of late fees for non-filing of GSTR-3B, GSTR-1 and GSTR-4 and non-payment of taxes between July 2017 and September 2018.
This came in the outcome of the decision of the GST Council taken in its meeting held on December 22 last year.
While GSTR-3B is the summary sales return filed by businesses, GSTR-1 is the final sales return.
Ready for a challenge? Click here to take our quiz and show off your knowledge!
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).
According to the Central Board of Indirect Taxes and Customs (CBIC), these businesses, however, would have to file their returns for the 15-month period by March 31 next.
Moreover, those businesses who have to file returns but have ‘nil’ tax liability would have to pay a fine of Rs 10 under CGST law, and an equal amount under SGST law.