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  Business   Economy  02 Sep 2017  No penalty on GST returns filed after August 25 deadline

No penalty on GST returns filed after August 25 deadline

THE ASIAN AGE.
Published : Sep 2, 2017, 5:43 pm IST
Updated : Sep 2, 2017, 5:44 pm IST

However, the interest on the late returns submitted will have to be borne by taxpayers. 

The Finance Ministry has waived off the penalty for taxpayers who failed to file the first GSTR 3B returns within deadline.
 The Finance Ministry has waived off the penalty for taxpayers who failed to file the first GSTR 3B returns within deadline.

New Delhi: The Finance Ministry has waived off the penalty for taxpayers who failed to file the first GSTR 3B returns within the August 25 deadline. 

However, the interest on the late returns submitted will have to be borne by taxpayers.  The Finance Ministry in a tweet said “Late fee for all taxpayers who could not file GSTR3B for month of July 2017 has been waived, but not the interest on late payment of dues”.

 

This statement comes days after finance minister Arun Jaitley said that a nominal late filing penalty of Rs 100 per day for CGST and SGST each will be levied for those who had not yet paid GST.

The tweet also clarified that taxpayers who have committed mistakes while filing GSTR 3B will be allowed to put the correct details in GSTR 1, 2 and 3.

GSTR 1 has to be filed by all taxpayers by September 5, 2017. GSTR 2 and 3 has to be filed by September 10th and 15th.

However, all taxpayers who have not discharged their complete GST liability for July 2017 by August 25 will have to bear interest on the same. The Ministry in a statement issued on Friday clarified all procedural details with regard to GSTR 3B.

 

Form GSTR-1 reflects sales of a business while GSTR-2 reflects purchases. 

India’s maiden GST collections pooled in a sum of Rs 92,283 crore in July. Jaitley said Rs 14,894 crore had come in as Central GST, Rs 22,722 crore as State GST and Rs 47,469 crore as Integrated GST.

Tags: filing gst returns, gst returns, finance minister arun jaitley, goods & services tax
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