No Late For Late Return Filing, But Interest For Late Payment To Be Levied

The government, on the recommendations of the Goods and Services Tax Council, has waived the penalty of Rs 200 per day for taxpayers who failed to file the first GST returns within the deadline. The taxpayers will, however, have to bear the interest on late payment of dues, the Finance Ministry said on Saturday. 

“Late fee for all taxpayers who could not file GSTR-3B for month of July has been waived, but not the interest on late payment of dues. Interest will be applicable to all taxpayers who have not discharged their complete GST liability for July by August 25,” Finance Ministry said in a tweet on Saturday. The taxpayers had to file the GST returns for July by August 25 and those claiming transitional input tax credit by August 28.

Source: http://www.financialexpress.com/india-news/government-waives-penalty-on-late-gst-returns-for-july/837796/

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Follow us on - LinkedIn - https://www.linkedin.com/in/aseem-aggarwal-1b365549/ Youtube - https://www.youtube.com/user/aseemaggarwal92 Twitter - https://twitter.com/aseem252 Blog - https://aseemconsult.blogspot.com/ Gold holds a special place in the hearts of Indians, deeply rooted in tradition and culture. For generations, it has been a symbol of prosperity, a hedge against economic uncertainties, and an integral part of auspicious occasions. As we step into the modern era, the allure of gold remains, but the ways we invest in it have evolved. Let's delve into the world where tradition meets contemporary investment strategies in the context of gold in India. The Timeless Appeal of Gold For centuries, Indians have revered gold not only for its aesthetic appeal but also for its intrinsic value. Traditionally, gold has been acquired in the form of jewelry, coins, or bars, often passed down through generations as a store of wealt...

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Follow us on - LinkedIn - https://www.linkedin.com/in/aseem-aggarwal-1b365549/ Youtube - https://www.youtube.com/user/aseemaggarwal92 Twitter - https://twitter.com/aseem252 Blog - https://aseemconsult.blogspot.com/ Regards Aseem Aggarwal CA, CPA, CS, B.Com(H) +91 7508000350 aseem@ksafirm.com LinkedIn - https://www.linkedin.com/in/aseem-aggarwal-1b365549/ Youtube - https://www.youtube.com/user/aseemaggarwal92 Twitter - https://twitter.com/aseem252 Blog - https://aseemconsult.blogspot.com/

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