What is the provision of waiver of late fee of GST?

 

• GST council by notification waived off the GST Late Fees Reduction on the filing of GSTR 3B for all the taxpayers following are the conditions which need to be fulfilled.

. If the return is required to be filed with tax and the turnover is more than Rs. 5 crore. The late fees are Rs. 500 per return.

. Even if the turnover is more than Rs. 5 crore and a nil return is required to be filed than nil late fees is applicable.

. If the turnover is less than Rs. 5 crore and a nil return is required to be filed than also nil late fees is applicable.

. If tax is payable than fees of Rs. 500 is required to be paid as late fees.

Is the waiver applicable to GSTR1 also?

 

• No as per the provisions of the GST law the waiver is applicable only in filing form GSTR 3b and not for GSTR 1

What is the Notification No. 57/2020 of Central Tax?

• Notification No. 57/2020 states waiving/reducing late fees on filing GSTR 3B for the months return for the period fromMay 20 to July 20 by 30^th September 20.

What is the maximum amount of late fees under Notification No. 57/2020.

• The maximum amount of late fee which can be charged under Notification No. 57/2020 is Rs.250 each under CGST and SGST per return period.

For which period late fees has been reduced under Notification No. 57/2020.

• After the introduction of this notification late fees has been waived and in some cases reduced for filing form GSTR 3b from July 2017 to July 2020.

 

What is the provision of waiver of late fee of GST?

 

• GST council by notification waived off the late fees on the filing of GSTR 3b for all the taxpayers following are the conditions which need to be fulfilled.

. If the return is required to be filed with tax and the turnover is more than Rs. 5 crore. The late fees are Rs. 500 per return.

. Even if the turnover is more than Rs. 5 crore and a nil return is required to be filed than nil late fees is applicable.

 

. If the turnover is less than Rs. 5 crore and a nil return is required to be filed than also nil late fees is applicable.

 

. If tax is payable than fees of Rs. 500 is required to be paid as late fees.

 

Is the waiver applicable to GSTR1 also?

 

• No as per the provisions of the GST law the waiver is applicable only in filing form GSTR 3b and not for GSTR 

 

What is the Notification No. 57/2020 of Central Tax?

 

• Notification No. 57/2020 states waiving/reducing late fees on filing GSTR 3B for the months return for the period fromMay 20 to July 20 by 30^th September 20.

 

What is the maximum amount of late fees under Notification No. 57/2020.

 

• The maximum amount of late fee which can be charged under Notification No. 57/2020 is Rs.250 each under CGST and SGST per return period.

For which period late fees has been reduced under Notification No. 57/2020.

• After the introduction of this notification late fees has been waived and in some cases reduced for filing form GSTR 3b from July 2017 to July 2020.

 

 

 

January 20, 2022