As per the proposals made in 43rd GST Council meeting under the Chairmanship of Union Finance & Corporate Affairs Minister Smt. Nirmala Sitharaman via video conferencing on 28th May, 2021 via video conferencing, the Finance Ministry has notified the GST Amnesty Scheme.
As per the Amnesty Scheme, the taxpayers having an aggregate turnover of more than rupees 5 crores in the preceding financial year for the tax period March, 2021, April, 2021 and May, 2021, the period for which the late fee waived will be 15 days from the due date of furnishing return.
The Taxpayers having an aggregate turnover of up to rupees 5 crores in the preceding financial year who are liable to furnish the return as specified under sub-section (1) of section 39 in case of the tax period of March, 2021 the period for which the late fee waived will be 60 days from the due date of furnishing return; in case of the tax period of April, 2021 the period for which the late fee waived will be 45 days from the due date of furnishing return and in case of the tax period of May, 2021 the period for which the late fee waived will be 30 from the due date of furnishing return.
Taxpayers having an aggregate turnover of up to rupees 5 crores in the preceding financial year who are liable to furnish the return as specified under proviso to sub-section (1) of section 39 for the quarter January-March, 2021 the late fee waived will be for 60 days from the due date of furnishing return.
The government has notified that the registered persons who failed to furnish the return in FORM GSTR-3B for the months /quarter of July, 2017 to April, 2021, by the due date but furnish the said return between the period from the 1June, 2021 to the 31August, 2021, the total amount of late fee under section 47 of the said Act, shall stand waived which is in excess of five hundred rupees.
The Board has further notified that where the total amount of central tax payable in the said return is nil, the total amount of late fee under section 47 of the said Act shall stand waived which is in excess of two hundred and fifty rupees for the registered persons who failed to furnish the return in FORM GSTR-3B for the months / quarter of July, 2017 to April, 2021, by the due date but furnish the said return between the period from the 1 June, 2021 to the 31 August, 2021.
The total amount of late fee payable under section 47 of the said Act for the tax period June, 2021 onwards or quarter ending June, 2021 onwards, as the case may be, shall stand waived which is in excess of Rs. 250/- for the registered persons whose total amount of central tax payable in the said return is nil, who fail to furnish the returns in FORM GSTR-3B by the due date.
The Government has further waived the late fee for the tax period June, 2021 onwards or quarter ending June, 2021 which is in excess of Rs.1000 for Registered persons having an aggregate turnover of up to Rs.1.5 crores in the preceding financial year.
Lastly, the late fee has been waived for the tax period June, 2021 onwards or quarter ending June, 2021 which is in excess of Rs.2500/- for taxpayers having an aggregate turnover of more than rupees 1.5 crores and up to rupees 5 crores in the preceding financial year.
Therefore, the Amnesty Scheme has been notified so as to provide relief to the Corporate Industries and small businesses.
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