Indian Government Exempts Late Filing Penalty for July 2017

In New Delhi, the Finance minister, Arun Jaitley, relieves taxpayers by announcing there is no late payment fee for filing the form late after 26 August for July month but the interest on late tax payment of the GST is eligible. The taxpayer is liable to pay the late fee in case he missed out on the GSTR filing but for the July month, they are exempted from it. The above announcement is made by the government in an issued circular by CBEC. (Link Circular Order)

The finance minister further says, there is a curriculum of 100 Rs. per day for late filing the GSTR for CGST and SGST taxes. Now, the interest will be charged from the taxpayers who have not paid any tax yet, and no late fee penalty for this month. The GST Council had already mentioned in a provision that in case of late tax payment after the due date there will be 18% interest on the taxable amount and a late fee payment which is 100 Rs. per day is applied for filing late the GST forms from the due dates.

For July month, filing all the GSTR-1 returns for outward details, the last date is 5th of the September and for filing all the GSTR-2 returns for inward supply details is the 10th of September. The last date for the taxpayer who wants to get transitional input tax credit was 28th August and for others 25th August. For the taxpayer who pays after 26th August, they are paying the payment late and liable to pay interest on the tax amount to be paid(which is 18% per day). If they just missed the GSTR-3B form for the due date, they are exempted from late fee payment for the July month.
CBEC paid concern over changes and amendments to be made under the GSTR-3b form. CBEC gave directions to amend and correct GSTR-3b by making changes in GSTR-1 and GSTR-2. The changes that would be made in inward and outward supplies by GSTR-2 and GSTR-1 respectively will be revised and reflected in total tax liability.

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