Late payment fees waived for delayed GST returns filing

Late payment fees waived for delayed GST returns filing

Late payment fees waived for delayed GST returns filing

This news came with another announcement that allowed businesses to correct errors in the initial form while submitting final returns by September 5.

Earlier, businesses were required to file the maiden GST returns for July and pay taxes by 25th August by filing GSTR 3B.

The Ministry of Finance on Saturday notified that penalties chargeable on delays in filing the GSTR 3B for the month of July will be waived off. However, the interest applicable on late payment of the tax liability will be charged, the Ministry said.

The registered person shall be liable for payment of interest on delayed payment of tax starting from August 26 till the date of debit in the electronic cash and/or credit ledger, CBEC said.

However, the interest on late payment of dues has not been dropped and the traders need to file the same.

GSTR 1 is to be filed by all taxpayers by September 5, while GSTR 2 and GSTR 3 are to be filed by all taxpayers by September 10 and 15, respectively. Current estimate suggests Kerala's revenue growth in July would be about 20 per cent. Meanwhilea, the GST registration for traders touched 99.5 per cent in the state, which had about 2.5 lakh registered traders in the previous tax system.

"The details furnished in form GSTR-1 and GSTR-2 will be auto-populated and reflected in the returns in form GSTR-3 for that particular month", the CBEC said.

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