According to the Economic Times, Interest and penalty might be slashed by the government on late filings of GSTR-3B returns for August month, due to load at GSTN portal. GSTR-3B is a return form announced by the Central Board of Excise and Customs (CBEC) for the payment of taxes of July and August month, after the introduction of the Goods and Services Tax (GST) Regime from 1st July 2017.
Previously Revenue Secretary Hasmukh Adhia denied for further extension of deadlines to file GSTR- 3B Returns after December. GSTR-3B is a Return form summary including the information of inward supplies, outward supplies accountable for reverse charges and input tax credit entitled on several transactions made in a particular month of July and August.
The government had requested to taxpayers and businesses to pay the returns timely to avoid last minute rush and reduce load at GSTN. Due to heavy load and technical glitches at GSTN system the government might slash interest and penalty on late filings of GSTR- 3B Returns.
Goods and Services Tax Regime was implemented in the country to ease business process in moving of goods from one place to another, which was not available in the central and state tax laws. Although, the GSTN system, which is responsible to handle the filing of returns, suffered technical glitches due to the heavy load of filing invoices as the due dates.
