Friday, June 12, 2020

GST Interest & Late Fee Waiver

Reduction in Late Fees & Interest for All Tax Payers

1. GSTR-3B from July 2017 to Jan 2020
(i) NIL late fee in case of no tax liability

(ii) Maximum late fee of Rs. 500 per month in case of tax liability

(iii) This reduced rate will apply for all such returns filed between 01-Jul-2020 to 30-Sep-2020.

For Small Tax Payers having Annual Aggregate Turnover up to Rs. 5 crores only:

2. GSTR-3B for Feb, Mar, Apr 2020

(i) NIL interest for filing of return up to (staggered) specified dates (up to 06-Jul-2020).

(ii) If the returns are filed after the specified date, interest rate is reduced from 18% to 9% p.a. till 30-Sep-2020.

3. GSTR-3B for May, Jun, Jul 2020

Interest and late fee waived off if returns in GSTR-3B are filed for these months up to September 2020, as per staggered dates to be later announced.