Rationalization of GST Late Fees on Form GSTR-1

Rationalization of GST Late Fees on Form GSTR-1

Deepak Gupta | Jun 3, 2021 |

Rationalization of GST Late Fees on Form GSTR-1

Rationalization of GST Late Fees on Form GSTR-1

NOTIFICATION

New Delhi, the 1st June, 2021

No. 20/2021 – Central Tax

G.S.R. 364(E).— In exercise of the powers conferred by section 128 of the Central Goods and Services Tax Act, 2017 (12 of 2017) (hereafter in this notification referred to as the said Act), the Government, on the recommendations of the Council, hereby makes the following further amendments in the notification of the Government of India in the Ministry of Finance (Department of Revenue), No. 4/2018– Central Tax, dated the 23rd January, 2018, published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (i) vide number G.S.R. 53 (E), dated the 23rd January, 2018, namely: —

In the said notification, after the fourth proviso, the following proviso shall be inserted, namely: —

“Provided also that the total amount of late fee payable under section 47 of the said Act for the tax period June, 2021 onwards or quarter ending June, 2021 onward, as the case may be, shall stand waived which is in excess of an amount as specified in column (3) of the Table given below, for the class of registered persons mentioned in the corresponding entry in column (2) of the said Table, who fail to furnish the details of outward supplies in FORM GSTR-1 by the due date, namely: —

S. No.Class of registered personsAmount
(1)(2)(3)
1Registered persons who have nil outward supplies in the tax periodTwo hundred and fifty rupees
2Registered persons having an aggregate turnover of up to rupees 1.5 crores in the preceding financial year, other than those covered under S. No. 1One thousand rupees
3Registered persons having an aggregate turnover of more than rupees 1.5 crores and up to rupees 5 crores in the preceding financial year, other than those covered under S. No. 1Two thousand and five hundred rupees

[F. No. CBIC-20001/5/2021]

RAJEEV RANJAN, Under Secy.

Note: The principal notification No. 4/2018-Central Tax, dated 23rd January, 2018 was published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (i) vide number G.S.R. 53(E), dated the 23rd January, 2018 and was last amended vide notification number 53/2020 – Central Tax, dated the 24th June, 2020, published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (i) vide number G.S.R. 406(E), dated the 24th June, 2020.

StudyCafe Membership

Join StudyCafe Membership. For More details about Membership Click Join Membership Button
Join Membership

In case of any Doubt regarding Membership you can mail us at [email protected]

Join Studycafe's WhatsApp Group or Telegram Channel for Latest Updates on Government Job, Sarkari Naukri, Private Jobs, Income Tax, GST, Companies Act, Judgements and CA, CS, ICWA, and MUCH MORE!"




Author Bio
My Recent Articles
Testing Article CA Inter and Foundation Exams to be held thrice a year [ICAI Releases Official Press Release] CA Exams May 2024: 4.36 lakh students to appear for CA Foundation, Intermediate and Final TS SSC 2024 Hall Ticket Released: Telangana Class 10th admit card out, @ bse.telangana.gov.in Why Rs 2,000 notes withdrawn from circulation by RBIView All Posts