No late fee for delay in filing of GSTR-3B returns: Sitharaman
New Delhi, June 12: Finance Minister Nirmala Sitharaman on Friday said no late fees will be levied on registered entities with nil GST return filing between July 2017 and January 2020.
The decision was announced after a meeting of the GST Council.
"For the period from July 2017 to January 2020, which is prior to the Covid period, a lot of return filing has been pending. For all those who have no tax liabilities but who have not filed their returns between July 2017 to January 2020 there will be zero late fees," said Sitharaman.
"For those who have a tax liability, a maximum late fee for non-filing of GSTR-3B returns for period July 2017 to January 2020 has been capped to Rs 500. This will apply to all returns submitted during July 1, 2020, to September 30, 2020," Sitharaman said.
Small taxpayers with turnover up to Rs 5 crore will now pay a reduced rate of interest of 9 per cent from 18 per cent for returns filed for February-April 2020 after July 6, if filed by September 30, the minister announced.
They can file returns for May to July till September 2020 and no late fee will be charged, she added.
Inverted duty structure hitting GST collections was discussed, she said, adding the panel was looking at correction of duty inversion in footwear, fertiliser and textiles.
Sitharaman said discussion on taxing pan masala will hopefully be taken up at GST Council's next regular meeting. A special one-agenda meeting will happen in July to discuss compensation requirements of state, she added.