New Delhi (NVI): Union Finance Minister Nirmala Sitharaman today announced that there will be no late fee at all for those who have no tax liability but have not filed GST returns for tax period July 2017 and January 2020.
While addressing the media after the first GST Council meeting after the lockdown, Sitharaman said, “In wake of COVID-19 pandemic, for taxpayers having aggregate turnover upto Rs 5 crore, further relief provided by waiver of late fees and interest if the returns in FORM GSTR-3B for the supplies effected in the months of May, June and July, 2020 are furnished by September, 2020.”
Maximum late fee has been capped at Rs 500 per return if there is any tax liability.
Several relief measures for small tax payers were announced, following the GST Council meeting.
“Small tax payers will have to pay no interest for late furnishing of GST returns till July 6, 2020; after that, the interest rate has been reduced to 9%, this will be valid till September 30, 2020,” the finance minister said.
