Government Announces Waiver of Late Fees for GST Returns
Late Fee Waiver:
The Government, based on Council recommendations, introduces amendments to waive late fees under section 47 for specified periods.
Applicable Classifications:
Taxpayers with an aggregate turnover exceeding 5 crores in the preceding financial year.
Taxpayers with an aggregate turnover up to 5 crores in the preceding financial year.
Amendment Highlights:
Late fees stand waived for March and April 2021.
Different timelines for taxpayers based on turnover classifications.
Table Overview:
A tabular representation specifies the taxpayer class, tax period, and the duration for which late fees are waived.
Deemed Effective Date:
The notification is deemed effective from April 20, 2021.
Objective:
Facilitates compliance by providing relief for specified taxpayers, encouraging timely filing.
Government Commitment:
Demonstrates the government's commitment to supporting businesses during challenging times.
In a move to ease the compliance burden, the government announces a waiver of late fees for specific GST returns, offering relief to businesses based on their turnover classifications.