GST COUNCIL TO DECIDE ON LATE FEE WAVIER FOR PAST FILING RETURNS
In the present situation of COVID-19, to reduce tax compliance for small business having a turnover less than Rs. 5 Crore, the Government is thinking to implement the decision of waiving off late fee for filing any returns.
The Goods and Services Tax (GST) Council headed by Financial Minister Nirmala Sitharaman with the request of business has decided to examine the waiving of late fee for filing past returns in the upcoming meeting on June 14th. This is a step to ensure that a certain discipline is maintained regarding compliance.
Central Board of Indirect and Customs(CBIC), On 1st June, have said that there are several requests to waive off late fee for filing GSTRB returns or summary return from august, 2017- soon after the rollout of the revamped indirect tax regime.
Finance Minister has already announced about the extension of GST returns of February, March, April and May till June 30th. There will be no Late Fee charged for these returns.
This will enhance the taxpayers who have not filed their returns for the past few months to file their returns and reduce their burden by waiving off late fee. And this will also benefit the Government and have a great impact on the Economy. This is imposed to ensure that the taxpayers to file their tax returns in time and pay tax on the amount collected from their buyers.
CBIC has stated that Honest and compliant taxpayers would be discriminated negatively in the absence of this provision declared by the Government. It is informed that this issue of waiving of the late fee would be taken up for discussion in the next meeting of GST Council. Since any decision related to GST are taken by State and Centre government, with the consent of GST Council, the Centre will not take any unilateral decision on this issue.
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