CBIC waives Late Fee for GST Returns for Three Months [Read Notification]

The Central Board of Indirect Taxes and Customs (CBIC) has notified that the late fee for delay in filing of the returns, GSTR-3B and GSTR-1 for the periods February, March and April shall be waived.

The notification would be a great relief for the businesses affected by lockdown due to the COVID-19 outbreak.

The notification published in the gazette on Friday said that “the amount of late fee payable under section 47 shall stand waived for the specified tax period for the class of registered persons who fail to furnish the returns in FORM GSTR-3B by the due date, but furnishes the said return according to the condition mentioned in the notification.

As per the notification, the taxpayers having an aggregate turnover of more than rupees 5 crores in the preceding financial year, need not pay the late fee for the months February, March and April if they can file the return before 24^th June.

The taxpayers having an aggregate turnover of more than rupees 1.5 crores and up to rupees five crores in the preceding financial year is exempted from late fee for the three months if they file the return on or before 29^th July and 30^th June.

Further, the taxpayers having an aggregate turnover of up to rupees 1.5 crores in the preceding financial year need not pay the late fee, if they can file the returns for the months of February, March and April by 30^th June, 3^rd July and 6^th July.

Waiving the late fee for GSTR-1, the Notification also said that “the amount of late fee payable under section 47 of the said Act shall stand waived for the months of March, 2020, April, 2020 and May, 2020, and for the quarter ending 31st March, 2020, for the registered persons who fail to furnish the details of outward supplies for the said periods in FORM GSTR-1 by the due date, but furnishes the said details in FORM GSTR-1, on or before the 30th day of June, 2020.”