In what may bring further huge relief to businesses affected by Coronavirus, the GST Council is likely to announce an amnesty scheme. The GST council is meeting after the lockdown has been ordered about the amnesty scheme. This lockdown has influenced state authority GST interests with various reposting dramatic falls in 80 to 90 % collection for April. Also, the goods and service tax council discussed the problem of the late fees over delay in GST return filing in the meeting. In this article, we will discuss GST Council likely to declared an amnesty on delayed returns
GST Council likely to declared an amnesty on delayed returns
Furthermore, The amnesty scheme would be covering all the awaiting returns of GSTR-3B from the 2017 GST launch to 2021 till this month. All the businesses that have registered under GST are needed to file GSTR 3B.
GSTR 3B is that return where the taxpayer needs to reveal all its input tax credit and outward liability. It is crucially a summary return including the log of all monthly supplies both inward and outward.
During the extension of GST return filing, The authority must also waive a late fee for past delays to assist the businesses facing acute liquidity issues.
Late Fees charged from Taxpayers
Representatives have got from several quarters that taxpayers might not appoint the returns because of various components. Nowadays, we are faced with a condition where even in a nil returns case, the late interest and fee have zoomed.
According to the proposal, every taxpayer who did not have tax responsibility and has to file a zero return a delayed Rs 500 fee. This would be ordered under the amnesty scheme.
Moreover, a delayed Rs 1000 would be imposed from the taxpayers who were responsible to pay tax from 2017 to still 2021. It can be noticed that to get the scheme advantages, the taxpayers would have to return filing.
Besides, an application of RTI has depicted that Rs 100 crore has been gathered by way of delayed fee on GSTR 3B. It can also be collected by other returns by authority from April 1, 2019, to April 30, 2021.
Under the GST management, massive penalization is ordered for the non-furnishing of revenues. In zero tax cases, a belated fee of twenty rupees per day is charged, but others have to pay fifty rupees per day. Moreover, the late fee is exceeded at ten thousand rupees per return monthly.
It is quite clear that according to taxpayers late fees have been one of the most eminent problems for the last two months. Besides this year’s budget, the tiny businesses have held a nationwide protest on the high late fee issue. However, in the meeting, the GST Council is likely to announce an amnesty scheme on delayed returns that is very helpful. Thus, persons can file their GST Registration application online and get tremendous benefits.
If you want any other guidance related to GST Registration or GST Return filing, please feel free to talk to our business advisors at 8881-069-069.
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