Chennai: The government has capped the late fee for filing monthly Goods and Services Tax (GST) returns at Rs 500 per return for the period from July 2017 to July 2020, Central Board of Indirect taxes and Customs (CBIC) said today.
Ths is subject to the condition that such GSTR -3B returns being filed before 30 September 2020.
A notification has been issued to provide for nil late fees if there is no tax liability; and, if there is any tax liability then a maximum late fee of Rs. 500 per return would be applicable to such GSTR-3B returns filed up to 30th September 2020.
Meanwhile, a meeting of the Goods and Services Tax (GST) Council later this month is expected to be a stormy affair with States likely to air concerns of inadequate representation and an overall review of the indirect tax regime besides sticking to their demand for 14 per cent compensation.
States are guaranteed compensation for any revenue shortfall from the base year of 2015-16 at an annualised growth rate of 14 per cent.