GST Council to Announce GST Amnesty Scheme on Delayed GST Returns

GST Council on its 43rd Council Meeting, to be held on 28th May 2021 may announce GST Amnesty Scheme on Delayed GST Returns. The scheme would cover all the pending GSTR-3B returns from July 2017.

GSTR-3B is a return where the taxpayer is required to disclose all its outward liability and Input Tax credit. As per sources, “A compliance window will be provided to the taxpayers for availing the amnesty scheme. The compliance window could begin with effect from June 1 and may last till August 31. The final decision on the proposal and compliance dates rests with the Council.”

As per the proposal, for all the taxpayers who did not have any tax liability and have to file zero return a flat late fee of Rs 500 will be imposed under the amnesty scheme. For all the taxpayers who were liable to pay tax during the period between July 2017 and April 2021 late fee of Rs 1000 will be imposed under the amnesty scheme.

For getting the benefit all the returns should be filed within the timeline given by GST Council.

Recently an RTI Application was filed which revealed that “The government has collected more than Rs 100 Crores as late fees of GST Returns from April 19 to April 21.”

Currently, Late Fees of Rs 20 per day is levied in case of nil return and Rs 50 per day is levied in other cases. The maximum late fees that can be levied is Rs 10,000.

Source: Bussiness Today

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