43rd GST council meeting held in New Delhi on 28th May 2021. As per the point 6 of the press release issued by the council, It has been decided to provide relief to small tax payers and an Amnesty scheme has been launced which provides relief regarding late fees for pending returns.
As mentined in the press release, To provide relief to the tax payers , Late fee for non-furnishing FORM – GSTR 3B from July, 2017 to April 2021 has been reduced/Waived as under :-
I. The late fees for taxpayers who did not have any tax liability for the said tax period of July, 2017 to April 2021, the maximum charged by the government would be Rs. 500 in total which is Rs. 250 as per CGST act and Rs. 250 as per SGST Act. I our personal view, This a very welcomed measure to streamline non filing of pending returns. Moreover, this will also benefit many tax payers who are under exempt category and still registred and have not filed their returns.
II. The late fees for tax who are not covered above will have to pay Maximum Rs. 1000/- which is again (Rs. 500 for CGST act and Rs. 500 for SGST Act). In our personal view, this will include tax payers who have outward supplies as well as who have reversal of inward supplies as the language used is any liability.
It is very important to note that such relief is available only if your returns are filed from 1.06.2021 to 31.08.2021. That is, if you are filing your returns between 28th May to 31st May,2021 or any day after 31st August,2021 then you will be required to Pay the Late fees by original dates.
In order to take benefit of this Option, Please file your return only after 1st of June, 2021 and by 31st August, 2021.
The late fees are also summarized as under :-
|Condition||Late Fees||Filing Period|
|Not having any Tax Liability||Rs. 500/- Per Return||1.06.2021 to 31.08.2021|
|Having Tax liabilities||Rs. 1000/- Per Return||1.06.2021 to 31.08.2021|
Once Again, Please file your returns after 1.06.2021 to avail the benefit of this amnesty Scheme.
A six page press release can be downloaded here .