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Taxation Central Ministry of Finance Central Goods and Services Tax Act, 2017

Amendment in the time period for the reduction of late fees for Annual Returns from FY 2022-23 onwards under Section 44 for the financial year 2022-23 onwards

17-Jul-2023 | NO. 25/2023 - CENTRAL TAX

CBIC had issued a notification to reduce late fees for filing the annual return for taxpayers having turnover of up to Rs. 20 Crores. The late fees shall be Rs. 50 per day (i.e. Rs 25 CGST and Rs 25 SGST) subject to a maximum of 0.04% (i.e. 0.02% CGST and 0.02% SGST) of the turnover and Rs. 100 per day (i.e. Rs 50 CGST and Rs 50 SGST) subject to a maximum of 0.04% (i.e. 0.02% CGST and 0.02% SGST) of the turnover for taxpayers having turnover up to 5 crores and upto 20 crores respectively. By virtue of this circular, the total amount of late fee under Section 47 of the said Act shall stand waived which is in excess of ten thousand rupees, where the registered persons fail to furnish the return by the due date for any of the Financial Years 2017-18, 2018-19, 2019-20, 2020-21 or 2021-22, but furnish the said return between the period from the 1st day of April 2023 to the 31st day of August 2023. Previously, the time period was from 1st April 2023 to 30th June 2023.

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