BELATED SUBMISSION OF ANNUAL RETURNS WILL ATTRACT LATE FEES
The Goods and Services Tax Act, 2017 came into force with effect from 1.7.2017 in India.
As per Section 44 given below the belated submission of Annual Returns in GSTR FORM-9 will attract late fee.
Section 44. Annual
return. -
Every registered person,
other than an Input Service Distributor, a person paying tax under section
51 or section
52, a casual taxable person and a non-resident taxable person shall
furnish an annual return which may include a self-certified reconciliation
statement, reconciling the value of supplies declared in the return furnished
for the financial year, with the audited annual financial statement for every
financial year electronically, within such time and in such form and in such
manner as may
be prescribed:
Provided that the Commissioner
may, on the recommendations of the Council, by notification, exempt any class
of registered persons from filing annual return under this section:
Provided further that nothing
contained in this section shall apply to any department of the Central
Government or a State Government or a local authority, whose books of account
are subject to audit by the Comptroller and Auditor-General of India or an
auditor appointed for auditing the accounts of local authorities under any law
for the time being in force.
The Central Government on the recommendations of the Council hereby waives the amount of late fee referred to in section 47 of the said Act in respect of the return to be furnished under section 44 of the said Act for the financial year 2022-23 onwards, which is in excess of amount as specified in Column (3) of the Table below, for the classes of registered persons mentioned in the corresponding entry in Column (2) of the Table below, who fails to furnish the return by the due date, namely:—
TABLE
|
Serial Number |
Class of registered persons |
Amount |
|
1. |
Registered persons having an aggregate turnover of up to five crore rupees in the relevant financial year. |
Twenty-five rupees per day, subject to a maximum of an amount calculated at 0.02 per cent. of turnover in the State or Union territory. |
|
2. |
Registered persons having an aggregate turnover of more than five crores rupees and up to twenty crore rupees in the relevant financial year. |
Fifty rupees per day, subject to a maximum of an amount calculated at 0.02 per cent. of turnover in the State or Union territory. |
Provided that
for the registered persons who fail to
furnish the return under section 44 of the said Act 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 30th day of June, 2023, the total amount
of
late fee under section
47 of the said Act
payable in respect of the said return,
shall stand waived
which is in excess of ten thou sand rupees.
The relevant notification is given below for ready reference.
[TO BE PUBLISHED IN THE GAZETTE OF INDIA, EXTRAORDINARY, PART II, SECTION 3, SUB- SECTION (i)]
GOVERNMENT OF INDIA MINISTRY OF FINANCE (DEPARTMENT OF REVENUE)
CENTRAL BOARD OF INDIRECT TAXES AND CUSTOMS
NOTIFICATION
NO. 07/2023 – CENTRAL TAX
New Delhi,
dated the 31st March, 2023
S.O......(E).– In exercise of the powers conferred by
section 128 of the Central Goods and Services Tax Act, 2017 (12 of 2017) (hereinafter referred to as the said Act), the Central Government, on the recommendations of the Council,
hereby waives the amount of late fee referred to in section 47 of the said Act in respect of the return to be furnished
under section 44 of the said Act for the financial year 2022-23 onwards, which is in excess of amount as specified
in Column (3) of the Table below, for the classes of registered persons mentioned in the corresponding entry in Column (2)
of
the Table below, who fails to
furnish the return by the due date, namely:—
Table
|
Serial Number |
Class of registered persons |
Amount |
|
(1) |
(2) |
(3) |
|
1. |
Registered persons having an aggregate turnover of up to five crore rupees in the relevant financial
year. |
Twenty-five
rupees per
day, subject
to
a maximum of an amount calculated
at 0.02 per cent. of turnover in
the State
or Union territory. |
|
2. |
Registered persons having an aggregate turnover of more than five crores rupees and up to twenty crore rupees in the relevant financial year. |
Fifty
rupees per day, subject
to a maximum of an amount calculated
at 0.02 per cent. of turnover
in the State or Union territory. |
Provided that for the registered persons who fail
to furnish the return under section 44 of the said Act 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 30th day of June, 2023, the total amount
of
late fee under section
47 of the said Act
payable in respect of the said return,
shall stand waived
which is in excess of ten thou sand rupees.
[F. No. CBIC-20013/1/2023-GST]