Rationalization of GST Late Fees on GSTR-7

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Studycafe | Jun 3, 2021 | Views 1006014

Rationalization of GST Late Fees on GSTR-7

Rationalization of GST Late Fees on GSTR-7

CBIC [Central Board of Indirect Taxes & Customs] has released Notification Number 22/2021 – Central Tax dated 1st June 2021 which states that GST Late Fees on GSTR-7 has been reduced to Rs 25 per Day. Further, The Maximum late fees shall not exceed Rs 1000. The Notification is given below for reference:

NOTIFICATION

New Delhi, the 1st June, 2021

No. 22/2021 – Central Tax

G.S.R. 366(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 waives the amount of late fee payable under section 47 of the said Act by any registered person, required to deduct tax at source under the provisions of section 51 of the said Act, for failure to furnish the return in FORM GSTR-7 for the month of June, 2021 onwards, by the due date, which is in excess of an amount of twenty-five rupees for every day during which such failure continues:

Provided that the total amount of late fee payable under section 47 of the said Act by such registered person for failure to furnish the return in FORM GSTR-7 for the month of June, 2021 onwards, by the due date, shall stand waived which is in excess of an amount of one thousand rupees.

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