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GST TAXPAYERS SMILE! MAXIMUM LATE FEE CAPPED AT RS 500

GST TAXPAYERS SMILE! MAXIMUM LATE FEE CAPPED AT RS 500

In the 40th GST Council meeting, FM Sitharaman made significant declarations on GST return late charge waiver and reduced interest rate further being reached out by virtue of the coronavirus emergency yet abstained from bringing changes in the inverted duty structure.

The Council also deferred the choice of raising rates on materials, fertilisers, and footwear to address the rearranged obligation structure. States consistently conceded to remedying the altered obligation structure yet said that currently isn't the ideal chance to raise rates when idea is to revive demand in the economy.

Relaxation to tax payers!! The administration has reported a major relief to GST taxpayers. The maximum late charge is topped at Rs 500 for every arrival for the Form GSTR-3B. This rate will be applicable for the delayed filing of each GSTR-3B return during the period from July 2017 to July 2020. Be that as it may, as expressed in this Notification no 54/2020, dated 24th June, such GSTR-3B returns should be documented by September 30th.

Order of CBIC (Central Board of Indirect Taxes and Customs)

  • The CBIC has likewise explained that no late charge will be forced for the returns with zero GST liability, provided the return is recorded during 1st July and 30th September 2020. The top recently expense may be relevant for returns with tax obligation of the greatest payable measure of Rs 500, Rs 250 each will go to the SGST and CGST separately.
  • Earlier, the GST Council in its get-together on June 12 decided to lessen the late expense on the archiving of GSTR-3B returns for the period between 2017 July to 2020 January to Rs 500. For February, March and April, it reduced financing cost on late instalment for little citizens while rejected this characterization from late charge, if the returns in Form GSTR-3B for the arrangements influenced in the extensive stretches of May, June and July, were submitted by September end.
  • CBIC said that various portrayals were recognized to give further freedom in late cost charged for the appraisal times of May 2020 to July 2020, despite earlier offered assistance given to Feb to April in 2020 and alleviation given to clear-out all past pendency of returns from July 2017 to January 2020. In like manner, a uniform late expense is in structure and less difficult to execute on automated common portal. So the late charge is topped at Rs. 500 just per return, a CBIC clarification said.

1. In the meantime, with an end goal to facilitate the documenting procedure of GST returns, the administration has permitted traders to file their NIL GST month to month returns by means of portable SMS office.

2. The choice taken by the Ministry of Finance is relied upon to benefit in excess of 22 lakh enrolled dealers the nation over.

3.  The citizens who owe no GST duty to the legislature till now needed to sign onto the GST charge entrance and document the government forms but now the same facility could be availed by sending a basic instant message.

4. The status of the returns so documented can be followed on the GST Portal by signing in to GSTIN account.

Conclusion

Here the best opportunity lies with GST taxpayers who want to file their all the pending returns with minimum penalty. This option is available for less time. Now department is in good sense to relax all the burdens from the tax payer so let’s start with GST filing and complete the GST compliances. NeuSource is here to serve you the best tax consultation services. You can connect with us at any time.

For further queries please contact us on: Email Id Swati@neusourcestartup.com and Phone Number 9540026175.

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13 Jul

Heena Aggarwal
Heena Aggarwal

Ideas are easy but implementation is hard thus not to concern about failure, you only have to be right once. Here Neusource supports your idea enthusiastically to validate into fruitful startup