GSTR1 Late Fees : Do we need to pay late fees on GSTR1 from Dec19 onwards

In the 38th meeting of the GST Council held on 18.12.2019, the GST Council recommended that, waiver of late fee to be given to all taxpayers in respect of all pending FORM GSTR-1 from July 2017 to November 2019, if the same are filed by 10.01.2020.

As of now, many people were not filing their GSTR-1 on time. They were of opinion that no GST Late Fees is being incurred on GSTR1 return.

GSTR 1 Late Fees : Do we need to pay late fees on GSTR1 from Dec19 onwards

But the press release of 38th meeting of the GST Council meeting has clarified that misconception.

The truth is, all though as per provisions late fees was being levied, but same was not being calculated by GST portal.

• Therefore GSTR 1 Late Fees would be waived in respect of all pending FORM GSTR-1 from July 2017 to November 2019, provided if the return is filed upto 10.01.2020.
• Late Fees on GSTR1 will be levied from Dec 19 Onwards

To save your late fees, Taxpayers should comply with this provision immediately, otherwise they will be slapped with heavy penalty

Some other important updates are :

• The 38th GST Council has voted for the first time since it was constituted to decide on having a single rate on lotteries. The single rate of 28 per cent will come into effect from March 1, 2020, reports said.
• GST Council decided to rationalize the rate for Woven & Non-Woven Bags to 18% w.e.f. Mar 1 , 2020
• Input tax credit to be restricted to 10 per cent from 20 earlier if invoices not uploaded
• GSTR 9 and GSTR 9C due date for FY 2017-18 extended
• E Way Bill  for taxpayers who have not filed their FORM GSTR-1 for two tax periods shall be blocked.