NO LATE FEE FOR DELAY IN FILING GST RETURNS FOR AUG, SEPT

Providing relief to businesses that missed the deadline for filing goods and services tax (GST) returns for August and September, the late fee for the two months has been waived.

Union finance minister Arun Jaitley, who chairs the GST Council, the federal indirect tax body, said on Twitter on Tuesday that the decision to waive the late fee on filing the summary GST return called 3B was taken to provide relief to taxpayers.

“Late fee paid will be credited back to taxpayer ledger,” the minister said on Tuesday.

The finance minister later told reporters that GST revenue has been steady in the first three months of its rollout. In September, GST receipts amounted to ₹92,150 crore. For the same month, about 4.3 million assessees filed their summary tax returns, the finance ministry said in a statement.

“Total registered GST assessees exceed 10 million with 7.2 million having migrated from the earlier system and 2.8 million new registrants. Monthly collection including integrated GST (tax on imports and inter-state trade) is consistent in the three months,” the minister said.

Late fee for the month of July has already been waived, allowing assessees to file returns long after the deadline. This prompted the fresh waiver of the ₹100 per day fee that is payable for the period between the filing deadline and the day the return is actually filed.

However, the government has not announced a waiver on the interest to be paid for late payment of taxes.

Small businesses and restaurants with annual sales of ₹1 crore or less are allowed to file returns on a quarterly basis.

“Given that GST is a new law and taxpayers are still getting used to it, coupled with GSTN (GST Network)-related issues, this waiver was clearly warranted,” said Abhishek Jain, tax partner, EY India. GSTN is the company that processes returns. The summary tax return 3B for every month is to be filed by the 20th of the following month.

IN SEPTEMBER, GST RECEIPTS AMOUNTED TO ₹92,150 CRORE; ABOUT 4.3 MILLION ASSESSEES FILED TAX RETURNS