GST Council to give more relief to SMEs by cutting late return filing fees


24.10.2017: The GST Council to give more relief to SMEs by cutting late GST return filing fees in its 23rd meeting scheduled to be convened on 10th November 2017 at Guwahati, Assam.  Thus, the taxpayers can expect partial relief on penalties on late filing of GST returns,  if the tax department’s proposal is approved by the GST council in its next meeting.

Further, there have been many cases wherein taxpayers are not able to file their returns due to system failure, which later resulted in penalties more than the actual tax liability.

The government does not intend or pull the taxpayers to pay the late fees, who did not file the returns before the last date mainly caused due to system slowdown or internal errors on the portal.

Late Fee Waiver of March 2020

24.03.2020: The finance ministry has announced further relief of late fees in the month of March 2020 due to the pandemic covid 19 situation in the country. Thus, it said the GSTR-3B due in March, April, and May 2020 can be filed in the last week of June 2020. This is for those who have an aggregate annual turnover of less than Rs. 5 Crore. Hence, No interest, late fee, and penalty will be charged.

Similarly, taxpayers other than those specified above can file returns due in March, April, and May 2020 by the last week of June 2020. However, the same would attract a reduced rate of interest @9 % per annum from  15 days after the due date (the current interest rate is  18 % per annum). But there will be no late fee and penalty to be charged, if complied before till 30th June 2020.

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