Business taxpayers cheer as govt waives off penalty on late GST filing
To ease the initial GST trouble, the government has waived off the penalty which was to be levied on delayed filing of GST returns. The penalty has been waived of for the months of August and September.
Union Finance Minister Arun Jaitley declared the relief in his tweet on Oct 24. He said that the move has been taken to facilitate the taxpayers. He also informed that the late fee which has already been charged to businesses will be credited back to taxpayers' accounts.
Earlier, the government had waived late fee for delayed filing GST of maiden returns for the month of July.
The government has made the move after businesses have been demanding from the government to waive off the penalty for delayed filing of 3B returns.
As per data, some 55.87 lakh GSTR-3B returns were filed for July, 51.37 lakh for August and over 42 lakh for September. The preliminary returns under GSTR-3B for a month is filed on the 20th day of the next month.Of these only 33.98 lakh July returns were filed till the due date. Similarly for August 28.46 lakh returns were filed till the last date. For September only 39.4 lakh returns were filed by the due date.
The data with the GST Network (GSTN) says that a huge number of businesses file their returns after the expiry of the due date.