Late fee on GST returns capped to Rs500 till July
In a major relief to the GST taxpayers, the government has decided to cap the maximum late fee for Form GSTR-3B at Rs 500 per return for the extended tax period of July 2017 to July 2020 subject to the condition that such returns are filed before September 30, 2020.
 
The Central Board of Indirect taxes and Customs (CBIC) has notified that there will be nil late fees if there is no tax liability; and, if there is any tax liability then a maximum late fee of Rs 500 per return would be applicable to such GSTR-3B returns filed upto September 30.
 
Earlier, the GST Council in its meeting on June 12 decided to reduce the late fee on the filing of GSTR-3B returns for the period between July 2017 and January 2020 to Rs 500. For February, March and April, it reduced interest rate on late payment for small taxpayers while exempted this category from late fee, if the returns in FORM GSTR-3B for the supplies effected in the months of May, June and July, were furnished by September end.
 
CBIC said that various representations were received to give further relief in late fee charged for the tax periods of May 2020 to July 2020, in addition to earlier provided relief for February 2020 to April 2020 and relief provided for cleaning up past pendency of returns from July, 2017 to January, 2020.
 
Also, a uniform late fee is simpler in design and easier to implement on automated common portal. So the late fee is capped at Rs. 500 only per return, a CBIC statement said.
 
Disclaimer: Information, facts or opinions expressed in this news article are presented as sourced from IANS and do not reflect views of Moneylife and hence Moneylife is not responsible or liable for the same. As a source and news provider, IANS is responsible for accuracy, completeness, suitability and validity of any information in this article.
  • User 

    GSTN launches SMS facility for Nil filing of GSTR-1
    Goods and Services Tax Network (GSTN), the technology backbone of GST system, on Wednesday launched the facility of NIL filing of GSTR-1 through SMSes.
     
    This will benefit approximately 12 lakh taxpayers who can now file their return without loging in to the GST portal. To avail the facility, taxpayers are required to send in a prescribed format.
     
    Along with the SMSes, the facility to file returns on the portal will also be available as usual.
     
    NIL return for the Form GSTR-1 can be filed on a monthly as well as quarterly basis. This is the back-to-back deployment of SMS facility for filing of NIL return by GSTN within one month.
     
    Since June 8, taxpayers are allowed to file their GSTR-3B return through SMSes.
     
    Disclaimer: Information, facts or opinions expressed in this news article are presented as sourced from IANS and do not reflect views of Moneylife and hence Moneylife is not responsible or liable for the same. As a source and news provider, IANS is responsible for accuracy, completeness, suitability and validity of any information in this article.
  • Like this story? Get our top stories by email.

    User 

    COMMENTS

    gsthead01

    4 weeks ago

    Hi , this is a important information is very useful during the lockdown situation like this during pandemic ... Filing Nil GSTR 1 via sms is a very good initiative by the government

    GST Collection Drops 9% to Rs 90,917 Cr in June
    The COVID-19 induced shrinking of economic activity for past few months has continued to have its impact on government's tax collections with revenue under the Goods and Services Tax (GST) falling far below the psychological level of Rs1 lakh crore to Rs90,917 crore in June.
     
    The June collections, which is 91% of last year's numbers, is, however, a recovery from previous two months when COVID-19 induced lock-downs and severe disruptions in economic activities resulted in GST collections nosediving to all time low levels. 
     
    The GST collections for the month of April was Rs32,294 crore which was mere 28% of the revenue collected during the same month last year and the GST collections for the month of May was Rs62,009 crore which was 62% of the revenue collected during the same month last year. 
     
    Accordingly, the GST collections for the first quarter of the year (FY20-21) is at a low of 59% of the revenue collected during the same quarter last year. But, with a large number of taxpayers still having time to file their return for the month of May 2020, government hopes that final numbers would go up. 
     
    "While a decline in GST revenues was expected due to business activities coming to a near standstill, these revenue numbers indicate that a revival is underway and collections will improve in the coming months. The fact that the collections in Q1 are 59% of that in the similar period last year, while being indicative of the decline in economic activities during Q1, also indicates that a gradual revival is underway in some sectors," MS Mani, Partner, Deloitte India said. 
     
    Out of the total GST collection of Rs90,917 crore for June, CGST was Rs18,980 crore, SGST was Rs23,970 crore, an official statement said. 
     
    IGST collection stood at 40,302 crore (including Rs15,709 crore collected on imports) and Cess collected was Rs7,665 crore (including Rs607 crore collected on imports). The government has settled Rs13,325 crore to CGST and Rs11,117 crore to SGST from IGST as regular settlement. 
     
    The total revenue earned by Central Government and the State Governments after regular settlement in the month of June, 2020 is Rs32,305 crore for CGST and Rs35,087 crore for the SGST.
     
    During June, the revenues from import of goods were 71% and the revenues from domestic transaction (including import of services) were 97% of the revenues from these sources during the same month last year. 
     
    However, since the government has allowed a relaxed time schedule for filing of GST returns, returns of the month of April, March as well as some returns of February got filed during June 2020 and some returns of May 2020, which would have otherwise got filed in June, will get filed during first few days of July, the government statement said. 
     
    The revenues during the financial year has been impacted due to COVID-19, firstly due to the economic impact of the pandemic and secondly due to the relaxations given by the Government in filing of returns and payment of taxes due to the pandemic. However, figures of past three months show recovery in GST revenues, the statement added. 
     
    Among the states, June collections have daleelen most in Uttarakhand, Delhi, Haryana, Himachal Pradesh, Tamil Nadu and West Bengal. But in some of the other larger states either there is growth in numbers or fall is limited. 
     
    "It is very interesting to note that in June some of larger producing states have shown an increase in collections or stable revenues compared to last year while some of the consuming states have shown a decline," Mr Mani said. 
     
    Disclaimer: Information, facts or opinions expressed in this news article are presented as sourced from IANS and do not reflect views of Moneylife and hence Moneylife is not responsible or liable for the same. As a source and news provider, IANS is responsible for accuracy, completeness, suitability and validity of any information in this article.
  • Like this story? Get our top stories by email.

    User 

    COMMENTS

    rs235m

    1 month ago

    Any shortfall of government revenues means raise taxes for middle class.

    We are listening!

    Solve the equation and enter in the Captcha field.
      Loading...
    Close

    To continue


    Please
    Sign Up or Sign In
    with

    Email
    Close

    To continue


    Please
    Sign Up or Sign In
    with

    Email

    BUY NOW

    online financial advisory
    Pathbreakers
    Pathbreakers 1 & Pathbreakers 2 contain deep insights, unknown facts and captivating events in the life of 51 top achievers, in their own words.
    online financia advisory
    The Scam
    24 Year Of The Scam: The Perennial Bestseller, reads like a Thriller!
    Moneylife Online Magazine
    Fiercely independent and pro-consumer information on personal finance
    financial magazines online
    Stockletters in 3 Flavours
    Outstanding research that beats mutual funds year after year
    financial magazines in india
    MAS: Complete Online Financial Advisory
    (Includes Moneylife Online Magazine)
    FREE: Your Complete Family Record Book
    Keep all the Personal and Financial Details of You & Your Family. In One Place So That`s Its Easy for Anyone to Find Anytime
    We promise not to share your email id with anyone