Economy

Govt scraps penalty on delayed filing of GST returns for Aug, Sept

Govt scraps penalty on delayed filing of GST returns for Aug, Sept”

He also said that the late fee, which has already been charged by the online GST system, will be credited back to the bank accounts of the individuals and businesses. They can avail input tax credit after sale within the domestic tariff area or after sending their shipments outside the country and can then claim the unutilised credit as refund, a process in which their working capital was getting blocked with the government and raising their operating cost.

Finance Minister Arun Jaitley tweeted via his verified handle that the late fee on filing of GSTR-3B for the month of August and September has been waived. The GST law mandates for charging a late fee of Rs 100 per day on Central GST (CGST) and the same amount on State GST (SGST) in case of late filing of returns and payment of taxes.

The deadline for filing the initial returns in GSTR-3B for September under the Goods and Services Tax regime was October 20 midnight.

The regime now has five tax slabs as opposed to the single one promised by its "One Nation One Tax" tag, and even Union revenue secretary Hasmukh Adhia has admitted that the GST rate structure needs a major rejig.

According to publicly available data, the GST portal saw 55.87 returns filed for the month of July, 51.37 lakh returns for August and 42 lakh returns for the month of September. Similarly, taxpayers filed 39.4 lakh returns for September by the due date and the number is still rising, crossing 42 lakh GST retruns till yesterday.

In August the number of returns filed were even lower at 29.7 lakh only. Taxpayers have been asked to file the summary GSTR-3B forms every month till January 2017.

In subsequent meetings of the GST Council it had also extended the date for filing returns on account of lower compliance from assesses.



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