GST Return Filing late fee: The government has waived the late fee for two months i.e. till June for the delay in filing of GST returns for the financial year 2021-22. This exemption has been given to small taxpayers registered under the composition scheme.
The Central Board of Direct Taxes and Customs (CBIC) said in a notification that the late fee for the delay in filing of GSTR-4 (GSTR-4) for the financial year 2021-22 from May 1 to June 30, 2022 is waived will be done.
Late fee up to Rs 2,000
Taxpayers registered under the composition scheme file GSTR-4 every year. As per the GST rules, late fee of Rs 50 per day is levied for delay in filing GSTR-4. However, if the total amount of tax payable is nil, a maximum of Rs 500 can be levied as late fee. In other cases a late fee of up to Rs 2,000 can be levied.
Who can adopt composition scheme?
Any trader with a turnover of less than Rs 1.5 crore can adopt the GST composition scheme. Whereas, for the enterprises of North Eastern states, this limit is Rs 75 lakh.
Under this scheme, manufacturers and traders are required to pay 1 per cent GST, while restaurants (which do not serve alcohol) have to pay 5 per cent and other service providers at 6 per cent.
Read Also | Will Lucky Draw Scheme of Income Tax Goods? Fact Check
Smalltaxpayers will get benefit
AMRG & Associates Senior Partner Rajat Mohan said that for the convenience of small taxpayers, the government has waived the late fee for the delay in filing GSTR for 2021-22 till June 30, 2022. This is a welcome decision, which will give relief to a large number of taxpayers from late fees.
