GST Day: BIG RELIEF! Late fee capped for different categories of Goods and Services Tax payers — Check new penalty announced by CBIC

The government is celebrating 4th anniversary of Goods and Services Tax (GST), which was introduced as tax reform on July 1, 2017, on Thursday, July 1, 2021. On the occasion of GST Day, the government has come up with several statements about how this new tax regime had gone on to help genuine taxpayers. The Ministry of Finance is also honouring 54,439 GST taxpayers for being part of the GST success story on Thursday.  

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On this occasion on Thursday, the Central Board of Indirect Taxes and Customs announced that the burden of late fee under GST has been reduced. The CBIC is responsible for administering indirect taxes in India. The move is to reduce the burden of late fee on GST taxpayers. Late fee has been capped in respect of returns for ax period June2021, onwards. Here is how much different categories of GST taxpayers will have to pay late fee going forward: 

Burden of late fees under GST reduced.@nsitharamanoffc @Anurag_Office @FinMinIndia @PIB_India #4yearsofGST pic.twitter.com/dtplic47je

— CBIC (@cbic_india) July 1, 2021

1. For form GSTR-3B and Form GSTR-1: Rs 500 per return 
This is for taxpayers who have NIL liability in GSTR-3B or NIL outward supplies in GSTR-1 

2. For Form GSTR-3B and Form GSTR-1: Rs 2,000 per return 
For other taxpayers*. Having Annual Aggregate Turnover (AATO) in preceding year up to Rs 1.5 crore. Not having NIL tax liability or NIL outward supplies 

3. For Form GSTR-3B ad Form GSTR-1: Rs 5,000 per return.  
Other taxpayers*. Having AATO in preceding year between Rs 1.5 to Rs 5 crore.  
Not having NIL tax liability or NIL outward supplies. 

4. For Form GSTR-3B and Form GSTR-1: Rs 10,000 per return 
Having AATO in more than Rs 5 crore in preceding year. 
Not having NIL tax liability or NIL outward supplies. 

5. For Form GSTR-4: Rs 500 per return.  
For composition taxpayers (having NIL tax liability) 

6. For Form GSTR-4: Rs 2,000 per return 
For composition taxpayers (not having NIL tax liability) 

7. For Form GSTR- 7: Rs 50 per day, per return and capped at Rs 2,000 per return