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Late fee for non-filing of GST returns reduced acutely

Giving a small relief to the enterprises with turnover less than Rs 5 crore, the GST Council on Friday halved the interest on delayed filing of GST returns for the months of February, March, and April to 9 percent, provided the returns are filed by September 2020.

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Also, the deadline for filing returns for the months of May, June, and July has been extended till September 2020, without any additional interest or late fee, FM Nirmala Sitharaman said after a meeting of the council.

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Nirmala Sitharaman also commented about the collection of revenues in the two months of lockdown. “The states knew where the collections were. It was in the range of about 45 percent only,” she said.

Meanwhile, Finance secretary Ajay Bhushan Pandey added every state is aware of how much money they are collecting every month.

The Central government has not released the collection report for the months of April May and June because of a lower Goods and Services Tax (GST) mop-up.

Traditionally, the GST revenue collection data of a given month is publicly released on the first day of the subsequent month.

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This is not the first time when the government extended the filing date.

Earlier, in the month of March, the government had extended the filing returns date for GST for three months, from March to May.

On Friday, Finance Minister Sitharaman said for small enterprises with turnover less than Rs 5 crore, interest on delayed filing for the months of February, March, and April has been decreased to 9 percent from 18 percent, given returns are filed by the end of September.

She also said no late fee will be charged for delayed filing of GST returns by registered entities with nil liability between July 2017 to January 2020.

When asked about the GST Council meeting, she said the late fee for non-filing of monthly sales return for others has been decreased to a maximum of Rs 500 for July 2017 to January 2020 period.

 

Also read:-The GST Council will on Friday discuss the impact of COVID-19 on tax revenues