ZEE Business
ZEE BUSINESS
हिंदी में पढ़ें  हिंदी में पढ़ें
Live TV
Live TV
  • Home
  • Personal Finance
    • PPF
    • Mutual Funds
    • Income tax
    • EPFO
    • Income Tax Calculator
    • Personal Loan Calculator
    • Car Loan Calculator
    • Home Loan Calculator
    • SIP calculator
    • SWP Calculator
    • MF Returns Calculator
    • Lumpsum Calculator
  • India
    • Companies
    • Property
    • Startups
    • Uidai
  • Economy
    • Aviation
  • Tech
    • Mobiles
    • Apps
  • Auto
    • Cars
    • Bikes
  • Markets
    • Commodities
    • Currency
  • Railways
  • World
    • Economy
    • Politics
    • Markets
  • videos
  • photos
  • MSME Summit
  • Trending News
    • Viral News
    • Travel
    • People
    • Entertainment
    • Sports
  • More ...
    • VIDEOS
    • PHOTOS
BREAKING NEWS
  • FIIs buy shares worth Rs 3,040 cr on August 12, highest this month; net purchase at Rs 14,841.66 crore
  • Independence Day Special: How investment habits, preferences of people have changed over the past 75 years
  • Laal Singh Chaddha Vs Raksha Bandhan box office collection: How much money Aamir Khan, Akshay Kumar movies made in two days
  • Money Guru: As India gears up for 75th Independence Day celebration, where should you invest for benefit in New India? Expert de
  • 31 new malls coming soon in India: Set to spawn massive jobs, employment opportunities
Read in App
Business News » India News

Govt waives late fee for non-filers of GST returns between July '17-Sept '18

  • Twitter
  • Facebook
  • Linkedin
  • whatapp
  • View in App

The government has waived late fees for non-filers of summary and final sales returns for the July 2017-September 2018 period by businesses registered under the goods and services tax (GST).

However, these businesses would have to file their returns for the 15-month period by March 31, 2019, the Central Board of Indirect Taxes and Customs (CBIC) said.

Giving effect to the decision of the GST Council in its December 22 meeting, CBIC has notified waiver of late fees for non filing of GSTR-3B, GSTR-1 and GSTR-4 and non-payment of taxes between July 2017 and September 2018.

While GSTR-3B is the summary sales return filed by businesses, GSTR-1 is the final sales return. GSTR-4 is filed by businesses who have opted for composition scheme, under which they have to file returns quarterly.

The fee for late filing of the returns is Rs 25 per day for Central GST (CGST) and an equal amount under State GST (SGST).

However, those businesses who have to file returns but have 'nil' tax liability would have to pay a fine of Rs 10 under CGST law, and an equal amount under SGST law.

The CBIC said "the amount of late fee payable under Section 47 of the said (CGST) Act shall stand waived for the registered persons who failed to furnish the return" in Form GSTR-3B GSTR-1, for the months between July 2017 and September 2018, by the due date but furnishes the said return between the period from December 22, 2018 to March 31, 2019.

For businesses filing GSTR-4, the late fees would be waived for non-filing of returns for the quarters from July 2017 to September 2018 provided the said returns are furnished between the period from December 22, 2018 to March 31, 2019, the CBIC said.

AMRG & Associates Partner Rajat Mohan said: "On popular demand, the finance ministry has finally waived the late fees for taxpayers who were unable to file GSTR-1, GSTR 3B or GSTR-4 for the period July 2017 to September 2018 by the due date but furnished the same between 22 December to 31 March, 2019. This relief would be light on exchequer but would definitely afford brownie points for the government being a populist measure."

 

(This article has not been edited by Zeebiz editorial team and is auto-generated from an agency feed.)

Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.

TAGS:
Economy
Updated: Tue, Jan 01, 2019
09:00 pm
PTI
RELATED NEWS
11% growth possible in next decade if India does this, says RBI Deputy Governor Michael Patra 11% growth possible in next decade if India does this, says RBI Deputy Governor Michael Patra
Money Guru: As India gears up for 75th Independence Day celebration, where should you invest for benefit in New India? Expert decodes Money Guru: As India gears up for 75th Independence Day celebration, where should you invest for benefit in New India? Expert decodes
UK economy contracts in 2nd quarter as recession fear grows UK economy contracts in 2nd quarter as recession fear grows
July retail inflation softens to 6.71% from 7.01% in June July retail inflation softens to 6.71% from 7.01% in June
OPEC cuts oil demand forecasts as economic growth slows OPEC cuts oil demand forecasts as economic growth slows

LATEST NEWS

Tesla stock split date 2022 news: Record date, split ratio, history, TSLA Nasdaq share price - All details

Money Guru: As India gears up for 75th Independence Day celebration, where should you invest for benefit in New India? Expert decodes

Har Ghar Tiranga: Here's how you can buy the national flag from Indiapost online this Independence Day

Commonwealth Games 2022: PM Narendra Modi interacts with India's contingent

Raju Srivastava health update: What hospital, family members said

IDBI stake sale: Divestment department working on it but no timeline from govt for selling stake, says LIC chairman

31 new malls coming soon in India: Set to spawn massive jobs, employment opportunities

Delhi traffic advisory for Independence Day: Bus routes, borders and roads to avoid on 15th August | All details here

Reliance Infra Q1 Results: Net loss narrows in June quarter, consolidated income jumps | Highlights

Salman Rushdie: Why Indian-born novelist was stabbed in New York?

  • India News
  • World News
  • Companies News
  • Market News
  • Personal Finance News
  • Technology News
  • Automobile News
  • Small Business News
  • Income Tax Calculator
  • Live TV
  • Videos
  • Photos
  • Author
  • Rss Feed
  • Advertise with us
  • Privacy Policy
  • Legal Disclaimer

Latest Trending Updates

  • EPFO
  • Budget 2020
  • Income Tax Return
  • Auto Expo 2020
  • Home Loan
  • Business News

Trending Topics

  • Income Tax
  • income Tax Calculator
  • 7th Pay Commission
  • Reserve Bank of India
  • GST
  • Latest Business News

Follow us on

zeebiz
zeebiz

Partner Sites

  • Zee News
  • Hindi News
  • Marathi News
  • Bengali News
  • Tamil News
  • Malayalam News
  • Gujarati News
  • Telugu News
  • Kannada News
  • DNA
  • WION
© 2022. India Dot Com Private Limited. All Rights Reserved.
LIVE TV