Integrated Tax Amendment for Late Fee Structure:
Government amends Integrated Goods and Services Tax Act provisions, revising late fee structures for taxpayers. The move aims to streamline the filing process and reduce the burden on businesses.
Amendment Notification Details:
Dated June 18, 2021, the amendment revises Notification No. 6/2017 – Integrated Tax, issued on June 28, 2017. The change is in response to recommendations from the Council.
Key Amendments in Late Fee Table:
Late fee structures are redefined for taxpayers based on their aggregate turnover:
For taxpayers with over ₹5 crores turnover: 9% for the initial 15 days, 18% thereafter.
For taxpayers with up to ₹5 crores turnover: Nil for the first 15 days, 9% for the next period, and 18% thereafter.
Effective Date:
The notification is deemed effective from May 18, 2021, indicating retroactive applicability.
Introduction of Quarterly Filing:
The amendment introduces quarterly filing for taxpayers liable under subsection (2) of section 39, providing more flexibility.
Simplified Month/Quarter Designation:
In the late fee table, the term "Tax period" is replaced with "Month/Quarter" for clearer comprehension.
Objective:
The amendment strives to provide a fair and structured late fee system, aligning with the government's commitment to ease compliance and support businesses during challenging times.