- No Late fee on GSTR-3B for NIL Tax Liability:
For all those who have no tax liability but have not filed their GSTR-3B from 1st July 2017 to January 2020 there will be no late fee.
- Late fee capped to Rs 500 on GSTR-3B:
Taxpayers with tax liability but have not filed return the late fee on GSTR-3B has been capped to Rs 500.
- Those who have not filed their GSTR-3B return can file it till September 30.
- Relief to small taxpayers:
i) A further relief is given to small taxpayers with turnover up to 5 crores for the late filing of return for the month of Feb to April. They can file their return till July 6th with no interest and then with a reduced rate of 9% till 30th September.
ii) Small taxpayers with turnover up to 5 crores can file returns for May to July till September 2020. No late fee will be charged till September 2020.
- Time extension in period for seeking revocation of cancellation of GST Registration upto 30th September for registration which have been cancelled upto 30th June 2020.
This decision is most awaited decision as many have paid heavy amount of late fees to continue their GST and some have stopped filing looking at late fees even tough there is no GST liability but MSME should use this one time opportunity to safe guard their GST and continue with regular compliance from now onward. Kindly note this new fees is applicable only from 1st of July 2020. If some one wish to regularize their GST account feel free to email us @ firstname.lastname@example.org