Rubber India Weekly
 
 
Search Archives:
 
 
   
 
 
Jan 08, 2020
 
Late fee to be waived on GSTR-1 if filed by Jan 10, 2020
 

The Goods and Services Tax (GST) council has decided to waive off late fees for all taxpayers who have filed GSTR 1, if all refunds are filed by 10 January 2020.

In the 38th meeting of the GST Council on December 18, authorities had also waived of a late fee to be given all taxpayers in respect of all pending Form GSTR-1 from July 2017 to November 2019, if the same is filed by January 10th, 2020.

According to CBIC, the late fee waiver will be applicable only till 10 January 2020, beyond which a late fee of at least Rs. 50 per day will be charged for non-filing of GSTR-1.

The late fine can also go up to a maximum of Rs. 10,000 per statement as per existing provisions. The CBIC has also said that the government has planned to take a number of steps if the pending GSTR-1 is not filed by the 10th of next month, which may include steps such as blocking of the E-way bill, etc.

GSTR-1 is a monthly return that summarizes all sales (outward supplies) of a taxpayer. The due dates for GSTR-1 are based on turnover. Businesses with sales of up to Rs. 1.5 crore will file quarterly returns. Other taxpayers with sales above Rs. 1.5 crores have to file monthly return.

 
 
 
© Copyright 2020. All India Rubber Industries Association. All rights reserved.

© Copyright All India Rubber Industries Association. All Rights Reserved. 

SSL