Government waives fee on late filing of GSTR-3B return

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By: ENS Economic Bureau | New Delhi |
Published:September three, 2017 12:22 am


Arun Jaitley, demonetisation, GST, Delhi Economics conclave, india news Union Finance Minister Arun Jaitley addressing at Delhi Economics Conclave-2017 in New Delhi. (MIB/Twitter)

The govt has waived late fee on filing of GSTR-3B return after the due date however retained the levy of pastime on not on time fee of GST past the due date of August 25, a round issued by way of the Central Board of Excise and Customs (CBEC) mentioned.
“Late fee for all taxpayers who could not file GSTR 3B for the month of July 2017 has been waived, but not the interest on late payment of tax liability,” a finance ministry unencumber mentioned.

GST for July needed to be paid by way of August 25 by way of all registered taxpayers. The final date for filing GST returns for July was once August 25 for taxpayers who didn’t need to declare transitional enter tax credit score, whilst it was once August 28 for individuals who sought after to avail transitional credit score.

The registered individual might be accountable for fee of pastime on not on time fee of tax ranging from August 26 until the date of debit within the digital money and/or credit score ledger, CBEC mentioned.

On Tuesday, finance minister Arun Jaitley, whilst pronouncing the figures for GST collections for July, had mentioned nominal late filing penalty of Rs 100 in keeping with day for CGST and SGST every can be levied for individuals who haven’t but paid the GST. Regarding pastime on not on time fee of tax, Section 50 of the CGST Act states, “Every person who is liable to pay tax in accordance with the provisions of this Act or the rules made thereunder, but fails to pay the tax or any part thereof to the government within the period prescribed, shall for the period for which the tax or any part thereof remains unpaid, pay, on his own, interest at such rate, not exceeding 18 per cent., as may be notified by the government on the recommendations of the Council.”

The CBEC has additionally allowed adjustments and corrections to the GSTR-3B return to be made via GSTR-1 and GSTR-2. If a taxpayer has made any error in outward provides in GSTR-3B, it may be corrected in GSTR-1. Corrections in inward provides or enter credit score may also be made via GSTR-2. “This will get reflected in the revised output tax liability or eligible ITC (input tax credit), as the case may be, of the registered person. The details furnished in form GSTR-1 and GSTR-2 will be auto-populated and reflected in the returns in form GSTR-3 for that particular month,” the CBEC mentioned.

In circumstances the place the taxes paid as in keeping with the preliminary return filed in GSTR-3B is lower than the volume due put up reconciliation as in keeping with GSTR-1, the extra quantity of tax may also be paid by way of debiting the digital money or credit score ledger. However, pastime on not on time fee of return can be levied on the volume of tax that was once due. If a taxpayer has claimed extra transitional enter credit score, it will be added to the output tax legal responsibility and must be paid in conjunction with pastime, the CBEC mentioned. Unused enter tax credit score can be transferred to the taxpayers’ account and may also be offset in opposition to the extra output tax legal responsibility subsequent month, it mentioned.

GSTR 1 is to be filed by way of all taxpayers by way of September five and GSTR 2 and GSTR three are to be filed by way of all taxpayers by way of September 10 and September 15, respectively. The Centre and states have accrued Rs 92,283 crore as GST for the month of July, the primary month of the implementation of the oblique tax regime, marginally upper than the projected goal of Rs 91,000 crore. Jaitley had mentioned on Tuesday that 64.42 in keeping with cent of the full registered taxpayers, except composition sellers and registrants in August, had filed GST returns for July and that the tax assortment quantity was once anticipated to “somewhat increase” with extra compliance.

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