The GST Council will take up the issue of waiver of late fee on Form GSTR 3B for the August 2017 to January 2020 period, in its meeting scheduled for first fortnight of this month.
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 ₹50 per day is levied, if assessee has any tax liability due and ₹20 per day in case of ‘nil’ liability. In case of tax due, interest at the rate of 18 per cent is levied.
On March 24, the Finance Ministry announced that those having aggregate annual turnover less than ₹5 crore can file GSTR 3B due in March, April and May 2020 by the last week of June 2020 without any interest, late fee, and penalty.
For businesses with turnover of more than ₹5 crore, returns due in March, April and May 2020 can be filed by last week of June 2020 but it would attract reduced rate of interest at 9 per cent per annum from 15 days after due date. However, there will not be late fee and penalty charged, if complied before till June 30.
On Monday, Central Board of Indirect Taxes & Custom (CBIC) said that it has taken note of demand for waiver of late fee applicable on non-filing of GSTR3B returns mainly for the 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 the buyers and due to the Government,” the board said while emphasising that this intends to ensure discipline regarding compliance.
“The trade is informed that the issue of late fee would be taken up for discussion in next GST Council Meeting,” the board said.
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