The 40th GST council meeting had cleared regarding the late fee on GST return filing. We shall today discuss the minutes regarding the GST late fee.
Interest on Late GST return filing
Taxpayers can file returns thanks inside March, April, and May 2020 by the last week of June 2020, but the same would entice a reduced fee of interest 9%. Absolutely no late penalty will be there till 30th June 2020.
How to get a late fee waiver?
In order to get the late fee waived off for late GST returns, the tax assesses will need to complete the GST return filing after April 2020 till 30th September 2020.
GST return relaxation during COVID-19
For small taxpayers with annual turnover up to ₹5 crores, the interest rate has fallen from 18% to 9%. This will apply if you file returns of the month February-March after 6th July but before 30th September. Furthermore, no interest is chargeable till 6th July, and afterward, interest shall be there.
Further, Government has waived off late fee for GSTR 3B of May-June, till 30th September 2020. Staggered dates for various States will be informed later.
In case you need any kind of further guidance with regard to the GST registration, GST return filing procedure, GST cancelation, or any other GST compliance, please feel free to contact our business advisors at 8881-069-069.
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