CBIC : 𝗚𝗦𝗧 𝗥𝗲𝘁𝘂𝗿𝗻 𝗟𝗮𝘁𝗲 𝗙𝗲𝗲𝘀 𝗪𝗮𝗶𝘃𝗲𝗱
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CBIC 𝗡𝗼𝘁𝗶𝗳𝗶𝗰𝗮𝘁𝗶𝗼𝗻: 𝗚𝗦𝗧 𝗥𝗲𝘁𝘂𝗿𝗻 𝗟𝗮𝘁𝗲 𝗙𝗲𝗲𝘀 𝗪𝗮𝗶𝘃𝗲𝗱
The Central Board of Indirect Taxes and Customs has issued a notification waiving late fees for filing GST Returns (FORM GSTR-7) after the due date, as per the Central Goods and Services Tax Act, 2017. Below are the key highlights of the notification:
The waiver applies to any registered person required to deduct tax at source under section 51 of the CGST Act. This waiver will come into effect from November 1, 2024.
GST Waiver Details:
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- For returns from June 2021 onwards, the late fee under section 47 of the Central Goods and Services Tax Act, 2017 is limited to INR 25 per day for delay in filing.
- The total late fee payable is capped at INR 1,000 for any delay in filing.
- If no tax is deducted in a month (NIL TDS), the late fee for failing to file GST FORM GSTR-7 on time is fully waived.