New Delhi: The GST Council in its next conference will go over waiver of late fee for non-filing of GST returns for August 2017 to January 2020 period.
In a tweet, the Central Board of Indirect Taxes and Customs (CBIC) reported, “Issue of GST late fee for the previous time period (August 2017 to January 2020) to be discussed in the upcoming GST Council assembly.”
Press Note – Issue of GST late fee for the previous period of time (August 2017 to January 2020) to be mentioned in the up coming GST Council assembly. pic.twitter.com/biUZLyDkIv
— CBIC (@cbic_india) June 1, 2020
The up coming conference of the GST Council is likely to be held on 14 June.
The CBIC claimed there have been needs for waiver of late fee for returns which were essential to be submitted from the beginning of Goods and Companies Tax (GST), that is August 2017.
For helping small businesses, possessing turnover of fewer than Rs 5 crore, in the present circumstance arising out of COVID-19, Finance Minister Nirmala Sitharaman had now introduced extension of GST returns of February, March, April and Could 2020 until June 2020.
No late fee will be charged for this period of time, it explained. The CBIC stated late fee is imposed to make sure that the taxpayers file return in time and pay back taxes on the amount gathered from purchasers and thanks to the authorities.
This is a phase to make sure that a specific self-control is maintained concerning compliance. Trustworthy and compliant taxpayers would be discriminated negatively in the absence of these kinds of a provision, it included.
“In GST all conclusions are taken by the Centre and the state with the approval of the GST Council. It would not be feasible or attractive for the Central govt to unilaterally just take a perspective on this issue and as a result, the trade is knowledgeable that the issue of late fee would be taken up for dialogue in the next GST Council conference,” it reported.