The Central Board of Indirect Taxes and Customs (CBIC) has notified waiver of late fee, capping of late fee at Rs 500 in some cases, interest payable on late payments and extension of due dates for businesses to file goods and service tax (GST) returns for the Covid-19 impacted period, till October.
The decisions were taken by the GST Council on June 12.
Taxpayers who do not have any tax liability but were yet to file returns for the period from July 2017 to January 2020 – prior to the Covid period – no late fee will be charged, the notification issued Wednesday said.
For taxpayers having liability but not having filed their returns, they can do so with a late fee of maximum Rs 500, if returns are submitted by July 1, 2020.
Small taxpayers whose aggregate turnover is up to Rs 5 crore will be provided a waiver of late fees and interest if they file the form GSTR-3B for the supplies affected in months of May, June, and July 2020, by September 30, 2020, the notification added.
During Covid period of February, March and April 2020, interest rate on late return filings by small taxpayers with turnover up to Rs 5 crore, will be reduced to 9% from 18%, if returns of inward supplies are filed till September 30.
Taxpayers having aggregate turnover of up to Rs 5 crore in the previous financial year, whose principal place of business is in the states of Chhattisgarh, Madhya Pradesh, Gujarat, Maharashtra, Karnataka, Goa, Kerala, Tamil Nadu, Telangana, Andhra Pradesh, the Union territories of Daman and Diu and Dadra and Nagar Haveli, Puducherry, Andaman, and the Nicobar Islands or Lakshadweep, the returns for August has to be filed by October 1, 2020.
For taxpayers with turnover more than Rs 5 crore, in Himachal Pradesh, Punjab, Uttarakhand, Haryana, Rajasthan, Uttar Pradesh, Bihar, Sikkim, Arunachal Pradesh, Nagaland, Manipur, Mizoram, Tripura, Meghalaya, Assam, West Bengal, Jharkhand or Odisha, the Union territories of Jammu and Kashmir, Ladakh, Chandigarh or Delhi, the return for August has to be filed by October 3, 2020.
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