Zero Late Fees on GSTR-3B with NIL Liabilities, Late Fee capped at 500rs: GST Council

CBIC - GSTR-3B - Interest filing GSTR 3B - CBIC GSTR-3B - Taxscan

The Goods and Services Tax (GST) Council today decided to waive off late fees on GSTR-3B with Nill Liabilities.

The Finance Minister Nirmala Sitharaman said that, For the period from July 2017 to Jan 2020, which is prior to the COVID period, a lot of Return Filing has been pending. For all those who have no tax liabilities but who have not filed their returns between July 2017-Jan 2020, there will be zero late fees.

The Finance Minister also said that, For people who have a tax liability, the maximum late fee for non-filing of GSTR-3B returns for the period July 2017 – January 2020 has been capped to Rs 500. This will apply to all returns submitted on July 1, 2020.

Small taxpayers whose aggregate turnover is up to ₹ 5 crores will be provided a waiver of late fees and interest if they file the form GSTR-3B for the supplies affected in months of May, June, and July 2020, by September 2020, no late fee or interest.

For small taxpayers whose aggregate turnover is up to ₹ 5 crore, the rate of interest for late furnishing of GST returns for Feb, Mar and April 2020, beyond July 6, 2020: the rate of interest is being reduced from 18% to 9%

GSTR-3B is a monthly self-declaration that has to be filed a registered dealer from July 2017 till March 2020.

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