Waiver for GST taxpayers – No late fees for late tax filing for the month of July

1.0 Introduction

A big sigh of relief for all the GST enrolled taxpayers! The government has decided to waive entire late fees for taxpayers who were not able to file their July returns within stipulated time.

What’s even better is that you will be able to correct your GSTR 3B errors in GSTR 1, 2 and 3. GSTR 3B was a provisional return introduced by the government for smooth implementation of GST. However, people were facing a lot of issues because it was their first time to file the GST return. Further, government had extended the due date for filing the GSTR 3B for the month of July. However, still people couldn’t able to file the same and hence incurred late fees.

Now, since the late fees have been waived off, people can now file the return without any late penalty.

2.0 No waiver for interest on late payment of tax

The last date of payment of GST for the month of July was 25^th August and therefore, it you have not paid the tax by the due date, and then interest on late payment of GST shall still be applicable. It is only the late fees on filing of GSTR return have been filed and not the late interest which is being levied on late payment of GST.

Further, GST being the latest and biggest change in Indian taxes, it has affected a lot of people. It takes time to understand and be familiar with new things. Same is the case with GST. People will take some time in getting used to the Act.

3.0 What is GSTR 3B?

The GST portal is very convenient and user friendly. It has introduced quite a few forms for return filing. GSTR 3B is one of them. Every individual with a GST number has to file GSTR 3B for his transaction. You are not required to put detailed information of your transactions; you simply have to provide the total value of all.

Please note that it is mandatory for every taxpayer to file for monthly return under the goods and services tax.

4.0 Important updates on GSTR 3B

The following are the important updates on return filing –

• The last date for filing of GSTR 3B was 25^th august 2017
  any person failing to do so shallhas to pay a fine as provided by the government.
• Late fee for all tax payers is now waived off only for the month of July.
• The interest amount on tax payment is not waived off
• GST 1 to be filed on or before 5^th September and GST 2 and 3 to be filed by 10^th and 15^th September respectively.
• All those who have committed errors in GSTR 3B will not be corrected in GST 1-2-3

4.0 Conclusion

Hence good news for us all that we have been provided a relief by the government. More updates on GST are coming soon. Stay tuned for more information. For any query, please email us at info@hubco.in.

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