May be waive late fee of GSTR-3B

GST Council to take up late fee waiver for GSTR 3B returns in next meeting

 

 

May be waive late fee of GSTR-3B

 

GST Council to decide on late fee waiver for filing past returns

 

 

The government has already waived late fee for any delay in filing GSTR-3B from February to June, 2020 to reduce compliance burden for small businesses having turnover less than ₹5 crore amid the covid-19 crisis

 

GST Council

The Goods and Services Tax (GST) Council headed by finance minister Nirmala Sitharaman will examine requests from businesses to waive late fee for filing past returns in its next meeting on June 14.

 

Central Board of Indirect and Customs (CBIC), on Monday said that there have been several requests to waive off late fee for filing GSTR-3B or summary return form Aug 2017--since the soon after the rollout of the revamped indirect tax regime.

 

The government has already waived late fee for any delay in filing GSTR-3B from February to June, 2020 to reduce compliance burden for small businesses having turnover less than ₹5 crore amid the covid-19 crisis.

 

GSTR 3B is a monthly self-declaration regarding actual tax paid, to be filed by a registered assessee. Under the law, if not filed within the stipulated date, a penalty of Rs 50 per day is levied, if assessee has any tax liability due and Rs 20 per day in case of ‘nil’ liability. In case of tax due, interest at the rate of 18 per cent is levied.

 

"The current requests for waiver of late fee pertain to the old period (August 2017 to January 2020). It may be appreciated that the late fee is imposed to ensure that the taxpayers file return in time and pay taxes on the amount collected from buyers and due to the government. This is a step to ensure that a certain discipline is maintained regarding compliance. Honest and compliant taxpayers would be discriminated negatively in the absence of such a provision," CBIC said.

 

Since decisions pertaining to GST are taken by the Centre and the state, with the approval of the GST Council, the Centre will not 'unilaterally take a view on this issue.'