BIG RELIEF TO GST TAXPAYERS:
LATE FEE ON GST RETURNS CAPPED TILL JULY TO RS 500
In a major relief to GST taxpayers, the government has decided to cap the maximum late fee for Form GSTR-3B at Rs 500 per return for the tax period July 2017 to July 2020.
The reduced fee will be levied only if returns are filed before September 30, 2020, the Central Board of Indirect taxes and Customs (CBIC) said Friday
It has also notified that there will be nil late fees if there is no tax liability, and took the decision after various representations were received to give further relief in late fee charged for the tax periods of May 2020 to July 2020, in addition to earlier provided relief for February 2020 to April 2020 and relief provided for cleaning up past pendency of returns from July, 2017 to January, 2020.
Also, a uniform late fee is simpler in design and easier to implement on automated common portal, the Board said.
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