GST Return Filing: You are late in filing GST return. Now you don’t need to worry. CBIC has waived the late fee.
GST Return Filing: You are late in filing GST return. You are troubled by the burden of late fee. But now you don’t need to worry. The Government of India has waived the late fee. The Central Board of Indirect Taxes and Customs i.e. CBIC has issued a notification in this regard. Under this, tax payers who have failed to file annual return or reconciliation statement of GST from 2017-18 to 2022-23 have been asked to do so without late fee. For this, a deadline of March 31, 2025 has been fixed. During this period, their annual return and reconciliation statement will be accepted without late fee.
If you have submitted with late fee, then there will be no refund
If you have submitted annual return or reconciliation statement with late fee, then it will not be refunded. CBIC has made this clear in its order. To get this waiver of late fee, taxpayers will have to file the reconciliation statement by March 31, 2025. As per the notification issued by CBIC late on Thursday night, the claim of late fee waiver will be valid only after filing GSTR-9C by March 31, 2025.
The step is going to give relief to the tax payers
After this notification of CBIC, a large number of tax payers have heaved a sigh of relief. This is considered to be a step by the government to reduce the burden of compliance on the tax payers. The Government of India has already made it clear that tax payers will be given maximum flexibility in compliance. In recent times, steps have been taken regarding this. Due to the GST portal also getting shut down recently, a large number of tax payers were not able to file GSTR-9C. Due to this, the time limit was slightly extended along with the late fee. The late fees of the remaining tax payers have been completely waived off.
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