New Delhi, Sept 4 (KNN) In a relief to the taxpayers, the government has announced waiving off the late payment fees for delayed filing of GST returns. Also businesses are now allowed to correct errors in the initial form while submitting final returns by September 5.
Earlier, businesses were required to file the first Goods and Services Tax (GST) returns for July and pay taxes by August 25 by filing GSTR 3B.
Also final returns for sales for July are to be filed by 5th of this month and returns for purchases by September 10th.
The Finance Ministry made the announcements in a circular.
The circular stated that late fee for all taxpayers who could not file GSTR 3B for July has been waived, however it maintained that the interest on late payment of dues is still applicable.
Under the One Nation One tax regime th delayed payment of tax attracts interest at the rate of 18 per cent.
“Since the payment was not made on or before the due date, the registered person shall be liable for payment of interest on delayed payment of tax starting from August 26, till the date of debit in the electronic cash and/or credit ledger, but will not be liable to pay any late fee,” the CBEC said in a statement.
The Central Board of Excise and Customs (CBEC) also informed that businesses are now allowed correction/modification of details entered in GSTR-3B.
“Now, businesses who intend to make changes or amend the initial return (GSTR 3B) can do so at the time of filing final returns in forms GSTR-1 or GSTR-2, as the case may be” CBEC said.