The CBIC (Central Board of indirect taxes and customs) directed the GST ( Goods or service tax) networks to waive off delayed fees or interest for a single day owing to technical glitches during the GSTR-3B filing return. The article discusses the latest news on GST late fee may waive off on delayed filing of GST return.
Central Board of Indirect taxes and customs may waives off late fees on GST Returns
Some levy payers have supposedly faced complexity in the updation of their electronic money ledger on 20 September 2021 during GSTR-3B returns. To resolve all their complexities, GSTN has been directed to resolve the trouble of waiving delayed fees or interest for a single day for levy payers.
In addition, a few levy payers faced many troubles in GST Return filing. The department of levy on Tuesday stated the IT grievance redressal committee would consider offering interest and belated fee waiver.
What is GSTR 3B?
The GSTR-3B is a consolidated summary return of inbound and outward supply created by the Government of India to ease the burden on firms that have just switched to GST. While submitting returns, tax liabilities will be auto-populated from GSTR 3B to GSTR 1.
It is important to note that the GSTR -3B should be filed even if there’s zero liability. However, once filed, it can not be revised.
Government waives delayed fee for belated filing GSTR 3B return
The GST authority has announced GST late fee may waive off on late filing GSTR 3B return from July 2017 till April 2021.
The government had earlier given time till 31st August 2021 to avail the benefits of the scheme. The scheme is given the name of GST Amnesty Scheme. However, as per the latest notification, Finance Minister said the last date for availing GST amnesty scheme Extended.
The amnesty scheme is extended up to 30th November 2021. Thus, it is a valuable opportunity for taxpayers to file their GST Returns without any late fees.