Must Know About GSTR-9 Form Amnesty Scheme for Non-filers

The Central Board of Indirect Taxes and Customs (CBIC) informed the GSTR-9 amnesty scheme for non-filers of GST (Goods and Services Tax) yearly returns. The Central Tax notification 07/2023, was issued dated 31st March 2023, with substantial advantages for those who skipped before the last date in order to file their annual returns in Form GSTR-9.

The substantial late fee costs, which were frequently in millions of rupees, were a key cause for firms postponing the filing of their GSTR-9.

The businesses that skipped the last date for filing their GSTR-9 returns under the amnesty scheme, enable to perform the same by paying the late concessional fee. The announcement provides for an exemption of late costs computed under the legislation, up to Rs.10,000 per return, as per the Act.

For example, if a company wishes to submit GSTR-9 for a previous fiscal year, such as 2018-19, it can do so by paying a late charge of up to Rs.20,000. If the computed late charge under the Central Goods and Services Tax provision of Section 47 exceeds the maximum ceiling, the firm is exempt from paying the remaining late fees.

The benefits of the GST amnesty scheme are accessible until June 30th, 2023, and it is recommended that pending GSTR-9 returns be filed within this period to avoid serious repercussions.

It is critical to understand that GSTR-9 must be filed, even if it is a nil-return, and that once filed, it cannot be changed. To prevent receiving a notification from the government, taxpayers must confirm the accuracy of the facts given in the missing GSTR-9 filings.

Additionally, the notification includes a new late charge for several taxpayer groups for GSTR-9 returns beginning in the fiscal year 2022-23. The late charge is determined by the business's yearly aggregate turnover slab, with the maximum late fee limited to 0.04% or 0.50% of the turnover in the state/Union Territory.

To summarise, the GSTR-9 amnesty plan allows taxpayers to file returns with complete and accurate disclosure of GST information, avoiding litigation and lowering expenses. To avoid larger fines, taxpayers can take advantage of the plan and file their overdue GSTR-9 returns.

Comments

Check Summary of 2023 MCA Amnesty Scheme for LLP e-Forms

The discussion shall take place for "Latest Amnesty Scheme introduced by MCA in relation to Limited Liability Partnership". A General Circular No 08/2023 Dated: 23rd August 2023- Subject- Condonation of Delay in filing of Form-3, Form 4, Form 11 u/s 68 of LLP Act, 2008 is been issued by the MCA. MCA has acknowledged that they've received numerous complaints regarding technical glitches on their website and discrepancies in the master data. These issues have prevented Limited Liability Partnerships (LLPs) from submitting the LLP-3, LLP-4, and LLP-11. In order to facilitate a more business-friendly environment, the MCA is utilizing its authority under Section 67 of the LLP Act, 2008. They have decided to grant a one-time relaxation in additional fees and any related penalties for delayed filing of the aforementioned three forms, as elaborated in this article. However, one aspect of this initiative raises some confusion. Why hasn't the MCA included Form LLP 8 in this a

All Special Features of Gen I-T Software with Downloading Steps

Gen IT is one of the income tax software created by professionals from SAG Infotech Pvt. Ltd. This software helps to compute Income Tax, Interest Calculations, Advance and Self Assessment Tax. The software is created with high quality-perfection to prepare returns. It also provides e-filing to upload returns with the help of the software. This software is proficient in calculating Income Tax, Advance, Interest Calculations, and Self Assessment Tax. The quality of the software is very high as the returns are prepared by it. The software provides the facility to file and upload returns. Also, there are simple steps to download the free download Gen IT software for the trial version. To complete the processes, the Gen Income Tax returns filing software has 2 different sections which include - Client Manager, Income Tax, Billing, AIR, Calculator, Backup/Restore, Password and Printer Settings, Bulk SMS/E-Mail and Help. These operations are explained briefly below- 1. Client Mana

All About Advance Tax Payment Rule Under IT Act, 1961

A tax expert answers the question- ‘the requirements of advance tax provisions under the Income-tax Act 1961’. Advance tax, as the name itself indicates that the tax paid by individuals in the financial year when the corresponding income is earned, rather than in the assessment year when the income is assessed for taxation purposes. This payment is calculated based on the consolidated income earned and expected to be earned from various sources, such as salary, rent, interest, and more. It takes into account applicable deductions, exemptions, and credits for taxes deducted at source (TDS) or taxes collected at source (TCS). According to section 208 of the Income Tax Act, 1961, individuals whose estimated tax liability for the year amounts to Rs. 10,000 or more are required to pay advance tax. However, senior citizens aged 60 years or above who are residents and do not earn any income from business or profession are exempt from paying advance tax. Typically, advance tax payments are ma

SAG Infotech: Need Tax Software (Call 0141-4072000)

Search This Blog