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  • Writer's pictureShashank Mittal

Amnesty Scheme - GST Returns

1. Waiver of Late Fees for delayed filing of GSTR 4 Return for the Financial Year 2017-18 till 2021-22 if the return is filed between 01.04.2023 to 30.06.2023 [Via Notification No. 2/2023-CT dated 31st Mar 2023]

Returns

Waiver of Late Fees

Nil Return

No Late Fees

Other than Nil Return

Max Rs. 500 Per Return

2. Amnesty scheme has been provided for registered persons whose registrations have been cancelled on or before 31.12.2022 [Via Notification No. 3/2023-CT dated 31st Mar 2023]


The registered persons may apply for revocation of cancellation of their registrations up to 30.06.2023 only after furnishing the returns due up to the effective date of cancellation of registration and after payment of any amount due as tax, in terms of such returns, along with any amount payable towards interest, penalty and late fee in respect of such returns. Also, it has been stated that in such circumstances, no additional extensions of the deadline for submitting an application for revocation or cancellation of registration shall be permitted.


3. Late Fee Reduced for GSTR-9 for the FY 2022-23 onwards [Via Notification No. 7/2023-CT dated 1st March 2023]


Late fees u/s 47 have been rationalized for Annual Returns u/s 44 for the FY 2022-23 onwards based on the turnover of the registered persons. The same is shown in the following table:

Turnover

Revised Late Fees

Turnover of up to Rs 5 Cr.

Rs. 50 per day (i.e., Rs 25 CGST and Rs 25 SGST) subject to a maximum of 0.04% (i.e., 0.02% CGST and 0.02% SGST) of the turnover for the relevant FY in the State or Union Territory

Turnover exceeding Rs 5 Cr. but up to Rs 20 Cr.

Rs. 100 per day (i.e., Rs 50 CGST and Rs 50 SGST) subject to a maximum of 0.04% (i.e., 0.02% CGST and 0.02% SGST) of the turnover for the relevant FY in the State or Union Territory

Turnover exceeding Rs 20 Cr.

Rs. 200 per day (i.e., Rs 100 CGST and Rs 100 SGST) subject to a maximum of 0.5% (i.e., 0.25% CGST and 0.25% SGST) of the turnover for the relevant FY in the State or Union Territory

Important: Also, an amnesty scheme has been provided for those persons who have failed to furnish their annual returns for F.Y. 2017-18, 2018-19, 2019-20, 2020-21, or 2021-22 but furnish the same between 01.04.2023 to 30.06.2023. The late fees payable in such cases shall be restricted to Rs 10,000/-


4. Amnesty Scheme for GSTR-10 [Via Notification No. 8/2023-CT dated 1st March 2023]

Registered persons who have failed to furnish the final Return in FORM GSTR-10 earlier but furnish the same between 01.04.2023 and 30.06.2023. The late fees payable in such cases shall be restricted to Rs 1,000/-


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Disclaimer: This GST update has been compiled for our clients and team of Seth & Associates. The same is not being circulated with the intent of advertising or soliciting any professional work. This update is only for the purpose of ease of understanding.


For a detailed discussion and professional advisory kindly contact:


CA. Shashank Mittal

HOD - GST

+91-9598833455

shashank@sethspro.com

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