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GST Council likely to announce Amnesty scheme on delayed returns

  • 27 May 2021
  • Garima
  • 107

In a move that is likely to provide a huge relief to small taxpayers and micro and small enterprises in the country amid the pandemic, the Goods and Service Tax Council is likely to announce an amnesty scheme on late fee in GST return filing in the upcoming meeting on May 28, 2021.

The scheme will cover all the pending GSTR-3B returns since the launch of GST on July 1, 2017, till the month of April this year. All businesses registered under GST are required to file GSTR-3B, which is essentially a summary return containing the log of all monthly inward and outward supplies.

A compliance window will be provided to the taxpayers for availing the amnesty scheme. The compliance window could begin with effect from June 1 and may last till August 31. The final decision on the proposal and compliance dates rests with the Council.

Additionally, a late fee of Rs 1,000 will be charged from the taxpayers who were liable to pay tax during the period between July 2017 and April 2021. It may be noted that to get the benefits of the scheme, the taxpayers will have to file the return within the compliance date decided by the Council.

Source- https://www.businesstoday.in/current/economy-politics/exclusive-gst-council-likely-to-announce-amnesty-on-delayed-returns/story/440096.html