GST council waives late fee for July returns
New Delhi: The goods and service tax (GST) council on Friday exempted taxpayers from paying the late fee for missing the deadline for filing tax returns for July , the first month of implementation for the new tax regime.
The last date for filing GST returns for July was 25 August for businesses and traders that did not want to claim credit for taxes paid in the previous indirect tax regime. The deadline was 28 August for those who wanted to avail of tax credits.
The late fee waiver is in line with the council’s decision to focus on hand-holding businesses during the transition period rather than enforcing penal provisions for minor offences.
“The central government, on the recommendations of the council, hereby waives the late fee payable under section 47 of the central GST Act, for all registered persons who failed to furnish the return in FORM GSTR-3B for the month of July 2017 by the due date,” said a notification by the Central Board of Excise and Customs.
The late fee payable was Rs100 for every day from the deadline till the return is filed.
Even with two-thirds of the GST assessees remitting taxes for July and excluding those who have subscribed to a liberal quarterly payment scheme, GST receipts have already exceeded the target of union and state governments for the month.
Finance minister Arun Jaitley had disclosed on Tuesday that in July, Rs92,283 crore had been received as GST receipts from 3.9 million taxpayers, compared with the target of Rs91,000 crore.
- FY18 earnings estimates may need to be cut further, say brokerages
- Faulty hip implants: Johnson & Johnson may have to pay each patient Rs20 lakh
- Pepsi to introduce cola in glass bottles that don’t need to be returned
- India expects big win in ICJ election today
- Modi govt set to roll out ‘social security for all’ plan