Integrated Tax Amendment for Late Fee Structure:
Government introduces crucial amendments to Notification No. 6/2017 – Integrated Tax, dated June 28, 2017, aligning with recommendations from the Council.
Late Fee Revision for Various Turnovers:
Revised late fee structures are defined for taxpayers based on their aggregate turnover, ensuring a fair and structured approach.
Effective Date and Retroactive Application:
The amendment is deemed effective from April 18, 2021, showcasing its retroactive applicability.
Quarterly Filing for Specific Taxpayers:
Introduction of quarterly filing for taxpayers liable under subsection (2) of section 39 enhances flexibility and eases compliance.
Clear Designation for Month/Quarter:
The term "Tax period" in the late fee table is replaced with "Month/Quarter" for better clarity and understanding.
Turnover-Based Late Fee Details:
Late fee details for taxpayers with turnover above ₹5 crores, up to ₹5 crores, and specific categories are outlined, simplifying the structure.
Government's Commitment to Business Ease:
The amendments reflect the government's commitment to easing compliance for businesses, ensuring a more transparent and supportive taxation framework.