GST: Compliance relaxations, late fee rationalisation to help small taxpayers

  • May 31, 2021
  • CA Chandan Agarwal's Office

For monthly and quarterly returns to be filed in the future, the late fee has been capped at Rs 500 for returns with no tax liability. In case of turnover above Rs 1.5 crore, late fee has been capped at Rs 2,000 and from Rs 1.5 crore to Rs 5 crore turnover, the late fee has been capped at Rs 5,000.

A series of compliance relaxations including late fee reductions and extended deadlines for return filing will help small taxpayers that have been impacted by the second wave of the Covid pandemic.

The Council Friday announced an amnesty scheme under which returns of the past tax periods from July, 2017 till April 2021 with no tax liability, filed between June 1, 2021 and August 31, 2021, will attract a late fee of Rs 250 per return, capped at Rs 500. The cap will be Rs 1,000 for other  ..

Read more at:
https://economictimes.indiatimes.com/news/economy/policy/gst-compliance-relaxations-late-fee-rationalisation-to-help-small-taxpayers/articleshow/83083842.cms?utm_source=contentofinterest&utm_medium=text&utm_campaign=cppst
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