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/

Comments

Investing in Gold: Bridging Tradition with Modern Strategies in India

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...

E-invoice enabled for businesses with annual turnover of Rs 5 crore

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/ Introduction: In a significant move to promote digitalization and streamline the tax system, the Indian government has introduced the concept of e-invoicing. Initially implemented for businesses with a turnover of Rs 100 crore or more, the government has now extended e-invoicing to businesses with an annual turnover of Rs 5 crore. This blog post explores the implications of this development and its potential benefits for businesses. What is E-Invoicing? E-invoicing is an electronic method of generating and sharing invoices between businesses and their suppliers or customers. It involves the creation of a standardized digital invoice format, which is then authenticated by the Goods and Services Tax Network (G...

37th GST Council Meeting Highlights

The meeting concluded with several decisions ranging from relaxations in annual return filing, rate revisions, deferment of new GST returns, changes to composition scheme, new GST exemptions and some clarifications detailed as follows: Waiver of GSTR-9A for Composition Taxpayers for FY 2017-18 & FY 2018-19 Composition dealers have been granted exemption from filing of annual returns in GSTR-9A for the fiscal years 2017-18 and 2018-19. In the future, it is mostly expected to be done away since the form GSTR-4 has been tweaked to allow an annual declaration of turnover and tax details. GSTR-9 for small taxpayers now not compulsory for FY 2017-18 & FY 2018-19 Those taxpayers having an annual turnover of up to Rs 2 crore in FY 2017-18 or FY 2018-19, may choose to not file GSTR-9, from the date to be notified by CBIC. GST Council has also decided to review the simplification of GSTR-9, 9A and 9C forms and filing. However, they must continue to file annual returns for FY...

KSA Infomatrix

Search This Blog