GST Council announces another Amnesty Scheme for Year 2023: Know the Forms & Taxpayers covered

Today in New Delhi, the 49th GST Council convened under the chairmanship of Smt. Nirmala Sitharaman, the GST Council has recommended amnesty schemes in respect of pending returns in FORM GSTR-4, FORM GSTR- 9 and FORM GSTR-10 by way of conditional waiver/ reduction of late fee.

This has been done to provide relief to a large number of taxpayers.

Rationalization of the Late Fee for Annual Return:

The GST Council has also proposed the following rationalization of the late charge for the delayed filing of annual returns in FORM GSTR-9 for FY 2022–23 and onwards, for registered persons with aggregate yearly Turnover of up to Rs 20 crore:

A maximum of Rs 50 per day (Rs 25 CGST + Rs 25 SGST), up to 0.04 percent of his revenue in the State or Union territory (0.02% CGST + 0.02% SGST), is charged to registered people with an aggregate turnover of up to Rs 5 crores in the relevant financial year.

A maximum of Rs. 100 per day (Rs. 50 CGST + Rs. 50 SGST) is allowed for registered persons with an aggregate annual turnover of more than Rs. 5 crores and up to Rs. 20 crores in the relevant financial year, subject to a maximum calculated at 0.04 percent of his annual turnover in the State or Union territory (0.02% CGST + 0.02% SGST).

Besides this the GST Council has also Announced One-Time Amnesty Scheme for cancelled GST Numbers.