Economy

Late payment fees waived for delayed GST returns filing

Late payment fees waived for delayed GST returns filing”

However, the interest applicable on late payment of the tax liability will be charged, the Ministry said.

SGST revenue, the tax levied by the state for intra-state supply of goods and services, for July, the first month after GST implementation, stands at Rs 800 crore when filing of returns ended on August 25.

Mitra said that with the different returns already being filed under the new tax regime, his government has observed that the businesses sector is facing a lot of issues with regard to the compliance norms.

Earlier, Finance Minister Arun Jaitley had said that the taxpayers who failed to meet the deadline will have to bear a penalty of Rs 200 per day - Rs 100 for Central GST and Rs 100 for State GST.

Of the 59.57 lakh businesses that should file return for July, as many as 38.38 lakh taxpayers accounting for 64.42 per cent of the total businesses registered in July had filed their GST returns. Of them, GST registration is not mandatory for 40,000 traders with less than Rs 20 lakh annual turnover.

The ministry said that the taxpayers who have committed errors in GSTR 3B will also be able to put the correct details in GSTR 1-2-3. "The details furnished in form GSTR-1 and GSTR-2 will be auto-populated and reflected in the returns in form GSTR-3 for that particular month", the CBEC said.

Form GSTR-1 reflects sales of a business while GSTR-2 reflects purchases. GSTR 2&3 to be filed by all taxpayers by 10th and 15th of Sept 2017 respectively. However, interest will be leviable from all taxpayers who have not discharged their complete Tax liability for July 2017 by 25-08-2017. These returns are for the month of July.

"It may be noted that the circular is silent on cases where there is excess payment of GST in cash and whether the same could be carried forward to the next return and how", GST expert Pritam Mahure said.



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