Union finance minister Nirmala Sitharaman said on Friday no late fees will be levied on registered entities with zero Goods and Services Tax (GST) return filing and who have not filed their returns between July 2017 and January 2020.
“For the period from July 2017 to January 2020, which is prior to the COVID period, a lot of return filing has been pending. For all those who have no tax liabilities but who have not filed their returns between July 2017 to January 2020 there will be zero late fees,” she said Nirmala Sitharaman.
“For those who have a tax liability, a maximum late fee for non-filing of GSTR-3B returns for period July 2017 to January 2020 has been capped to Rs 500. This will apply to all returns submitted during July 1, 2020, to September 30, 2020,” Sitharaman said.
Small taxpayers with turnover up to Rs 5 crore will now pay a reduced rate of interest of 9% from 18% for returns filed for February-April 2020 after July 6, if filed by September 30, the minister announced.
They can file returns for May to July till September 2020 and no late fee will be charged, she added.
The decisions were taken during the 40th GST council meeting over video conferencing for the first time after the lockdown clamped to prevent the spread of the coronavirus disease (Covid-19).
News Source: HindustanTimes
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