The Union government has waived off fees against those who did not file their summary and final sales returns under the goods and services tax (GST) regime for the period between July 2017 and September 2018, reports the Press Trust of India (PTI).
“The amount of late fee payable under Section 47 of the said (CGST) Act shall stand waived for the registered persons who failed to furnish the return,” said a CBIC release. However, such businesses have been asked to do the same before 31 March 2019.
Currently, the late fee stands at Rs 25 per day for Central GST (CGST) and the same amount has to be paid for State GST (SGST)
Central Board of Indirect Taxes and Customs (CBIC) works under the Ministry of Finance and is the nodal agency for administering Customs, GST, Central Excise, Service Tax and Narcotics in India.
CBIC has also notified a new returns form for filing GST taxes, and businesses are required to file the taxes under it by 30 June 2019. Three forms - GSTR-9, GSTR-9A and GSTR-9C - have been modified.
While GSTR-9 is the annual return form for regular taxpayers, GSTR-9A is for composition taxpayers, and GSTR-9C is a reconciliation statement.
Also Read: GST Is Softly Killing Sub-Optimal Firms, Boosting Formalisation And Impacting Short-Term Jobs Growth
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