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GST Return: Center waives Late Fee on GST return for July

Team SoOLEGAL 5 Sep 2017 12:25pm

GST Return: Center waives Late Fee on GST return for July

The Central Government, on the propositions of the Goods and Service Tax Council, has waived late payment fee of Rs. 200 per day on taxpayers who failed to submit the GST returns of July, within the permitted timeline of August 25, and gave an opportunity to businesses to correct mistakes made in filing initial GST form, while filing GSTR-1 and GSTR-2 forms for the month of July by September 5.

Businesses are required to file their tax returns for July by August 25 by filing GSTR3B. Now, the final returns for sales are extended to September 5 and return for purchases by September 10.

The taxpayers will, however, have to pay the interest on Late payment fee, the Finance Minister Arun Jaitley said. In a tweet on Saturday, Finance Minister expressed that Late fee for all taxpayers who didn’t pay their taxes for July month before August 25, has been waived, however the interest on late payment of tax liabilities has not been waived yet. Interest will be charged to every taxpayer who failed to pay their GST liabilities for July before August 25.

Taxpayers claiming transitional input tax credit also had to file GST return before August 28.

Interest rates on delayed payments will be levied on the amount of tax that was due.  

The nominal late GST filing penalty for taxpayers who failed to meet the deadline will be Rs. 200 per day -- Rs. 100 for Central GST and Rs 100 for State GST.

A total of around 5.95 million taxpayers were accountable to pay their GST liabilities for July by August 25, instead only 3.83 millions had filed their tax returns till August 29, the remaining 2.1 million taxpayers will be charged late fee for their inaccuracy in filing the tax return within the allotted timeline.

In case there was an additional tax liabilities for July, the taxpayers should submit the additional payment with interest.

Tagged: Goods and Service Tax   GST Tax   GST  
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