financial services

Late fees for GST Return Waived

late fees gstr

Recently, a scheme was launched by the Government of India, in order to waive the late fees for the delayed filing of the GST Return. It is a one-time scheme, that is launched for the filing of GSTR-1, GSTR-3B and GSTR-4 for the period of July 2017 to September 2018, that is, for the period of 15 months, this step was taken to encourage the taxpayers to furnish their GST returns .

This waiver brought a lot of relief to the businesses and traders, who are supposed to file a summary of the transactions, that are made by them every month while filing GSTR-3B form. Apart from GSTR-3B, the taxpayers are supposed to file a detailed return of the sales in the GSTR-1 form.

GSTR-1 is quite important for the authorities in combating tax evasion, as it provides the details of the buyer. However, the authorities have noticed that the filing of detailed sales returns is way lower than the summary return filing.

As we know, filing GSTR-1 is of utmost importance and this waiver has given more time to the businesses to file the details of their sales. This enables the authorities to find out who the buyer is, the quantum of purchase and whether the buyer has filed his/ her return and paid taxes on subsequent transactions. This waiver and the given extra time for filing GST return will help the authorities in taking strong anti-evasion measures in the future.

GSTR-4 is filed by businesses who have opted for composition scheme, under which they have to file returns quarterly.

The small businesses, that have annual turnover of less than Rs. 1.5 crore can also file their GST Return by 31st March 2019 for the period of July 2017-September 2018. The ministry has advised taxpayers to file returns on time, so that their tax credits do not lapse.

 

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