Center Waives Off Rs.200 Penalty: Government has taken a very good step to make everyone happy if they failed to file the tax returns on time for the month of July. This news came with another announcement that allowed businesses to correct errors in the initial form while submitting final returns by September 5. Businesses were required to file the maiden Goods and Services Tax (GST) returns for July and pay taxes by August 25 by filing GSTR 3B.
The government has waived late fee on filing of GSTR-3B return after the due date but retained the levy of interest on delayed payment of GST beyond the due date of August 25, a circular issued by the Central Board of Excise and Customs (CBEC) said. “Late fee for all taxpayers who could not file GSTR 3B for the month of July 2017 has been waived, but not the interest on late payment of tax liability,” a finance ministry release said.
Center Waives Off Rs.200 Penalty on Late GSTR Filing
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.
Arun Jaitley, On Tuesday said that, “Every person who is liable to pay tax in accordance with the provisions of this Act or the rules made thereunder, but fails to pay the tax or any part thereof to the government within the period prescribed, shall for the period for which the tax or any part thereof remains unpaid, pay, on his own, interest at such rate, not exceeding 18 per cent., as may be notified by the government on the recommendations of the Council.”
“This will get reflected in the revised output tax liability or eligible ITC (input tax credit), as the case may be, of the registered person. 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.
The CBEC has also allowed changes and corrections to the GSTR-3B return to be made through GSTR-1 and GSTR-2.
For More Latest Updates: Follow PressKS