This year, due to the coronavirus pandemic, the government has decided to provide certain relief measures to all sorts of businesses. *The maximum late fee for form GSTR-3B is only Rs. 500/- for the tax period of July 2017 to July 2020 if the returns are filed before 30th September 2020. And, No late fees in case of Nil Tax Liability.*
The administration announced that it would extend the filing of Return for March, April, and May 2020, and the composition returns under GST till 30th June and staggered filing will be applied. While Finance Minister announced the date as 30th June, she also added that specific regions would have dates like 27, 29, or 30th.
Business infrastructures having a turnover less than rupees 5 crores will not have to pay interest, late fee, or any kind of penalty. For any corporate body, late fee and penalty will not be applied and only interest at a reduced rate of 9%will be asked as payment. This rule is applied only for bigger companies whereas; the majority of companies will be freed from paying any interest, late fee, or penalty. The date for opting for composition scheme has also been extended till 30th June 2020.
The GST return filing has been extended together with the deferment of e-invoicing and new returns announced earlier would permit businesses to focus on the recommencement of business procedures and the waiver of interest, late fees and penalties for SME’s would ensure them to concentrate on reviving their business when everything is normal once again in future. The taxpayers have also requested to provide relief from compliances and especially GST. You may also check Govt. GST portal for all late fee information. The industries will have key filing and payment relaxations. There are other tranches to follow, wherein benefits such as exemption from import duties, GST rate reduction, reduced compliances, etc. The Indian administration also decided that the due date for issue of notice, notification, filing of an appeal, sanction orders, approval order, applications, reports, statements, furnishing of return and any other document, the time limit for any compliance under the GST laws where the limit is expiring between 20th March 2020 to 29th June 2020 will be extended to 30th June 2020. The extension of the deadline for filing GST returns is a much-needed relief for the companies. It is great to see the government looking after the interests of small businesses by waiving off interests, penalties, and late fees.
The government announced an extension of the last date for filing GSTR-3b for Goods and Services Tax for March, April, and May to June 30. For the GST taxpayers, the maximum late fee for form GSTR-3B is capped at rupees 500. This rule shall be applicable from July 2017 to July 2020 subject to returns being filed before 30.09.2020. The Central Board of Indirect Taxes and customs abbreviated as CBIC has concluded that it would furnish the facility of SMS filing of NIL statement of Form GSTR-1 from 1st July. Filing the NIL statements through SMS would improve ease of GST compliance for over 12 lakh registered taxpayers.
Clock here for TDS/TCS Return Filing.