27.05.2022 – Government waives late fee till June for delayed filing of GST returns under composition scheme

The government on Thursday waived late fees for two months till June for delayed filing of GST returns for financial year 2021-22 by small taxpayers registered under the composition scheme. The Central Board of Indirect Taxes and Customs (CBIC) in a notification said that late fee shall be waived from May 1 to June 30, 2022, for delay in filing GSTR-4 for 2021-22 fiscal.

GSTR-4 is filed annually by the taxpayers registered under the composition scheme.

According to GST law, Rs 50 per day is charged as late fee for delay in filing GSTR-4. However, where the total amount of tax payable is nil, a maximum of Rs 500 can be imposed as late fee. For all other cases, the maximum fee that can be charged is Rs 2,000.

GST composition scheme can be opted by any traders whose turnover is less than Rs 1.5 crore, while it is Rs 75 lakh for businesses in north-eastern states.

Under the scheme, manufacturers and traders are required to pay GST at 1 per cent, while it is 5 per cent for restaurants (which do not serve alcohol) and 6 per cent for other service providers.

Source: MoneyControl


For more News like this, Subscribe TAXO today

Register Today