The Ministry of Finance has issued 3 notifications reducing the Late fee for GST Returns as proposed in 43rd GST Council meeting under the Chairmanship of Union Finance & Corporate Affairs Minister, Nirmala Sitharaman.
The Board has rationalized late fee for delay in furnishing of the statement of outward supplies in FORM GSTR-1 from the tax period June 2021 onwards.
The Board has notified that the total amount of late fee payable under section 47 of the GST Act shall stand waived which is in excess of Rs. 250 for the registered persons who have nil outward supplies in the tax period, who fail to furnish the details of outward supplies in FORM GSTR-1 by the due date.
The Government has further waived the late fee in excess of Rs. 1000 for the registered persons having an aggregate turnover of up to rupees 1.5 crores in the preceding financial year.
The late fee has been waived in excess of Rs.2500 for Registered persons having an aggregate turnover of more than rupees 1.5 crores and up to rupees 5 crores in the preceding financial year.
The CBIC has notified that the total amount of late fee payable under section 47 for financial year 2021-22 onwards, by the registered persons who fail to furnish the return in FORM GSTR-4 by the due date, shall stand waived which is in excess of Rs.250 where the total amount of central tax payable in the said return is nil; which is in excess of Rs.1000 for the registered persons.
The government has waived the amount of late fee payable under section 47 by any registered person, required to deduct tax at source under the provisions of section 51 of the said Act, for failure to furnish the return in FORM GSTR-7 for the month of June, 2021 onwards, by the due date, which is in excess of an amount of Rs.25 for every day during which such failure continues.
The total amount of late fee payable under section 47 of the said Act by such registered person for failure to furnish the return in FORM GSTR-7 for the month of June, 2021 onwards, by the due date, shall stand waived which is in excess of an amount of Rs.1000.
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