Central Board of Indirect Taxes and Customs (CBIC) has asked the assessee to furnish their monthly GST returns for May within the date of 20th June, while late fee submission will cause late fee and interest liability.
The tax counsel reminded the assessee who did not subscribe to the quarterly return filing scheme and the online service providers to furnish their monthly tax returns. “Late filing of GSTR-3B return will attract late fee and interest”.
CBIC towards revamping the compliance has reminded the providers of some online services to furnish their GST 5A returns by 20 June. The same would be applicable to a class given from the internet with no physical interface. Downloading the e-book online towards payment comes in this category.
CBIC asked the non-resident assessee to furnish their GST 5 return within the provided last date. In all the classes, the late fee and the interest liability would come from the late filing. The indirect tax council would reach out to the assessee and the professionals from the taxes via social media to revamp the rules and remove the errors while filing. The GST return filing would get arise over the former 5 years, and the taxes would indeed contribute towards the rise in the revenue. The revamp in the GST filing would indeed assist the direct tax collections as the indirect tax system would point to the clearness in the transactions.
Rs 1.4 trillion would be the GST collection of the Central and State government in the month of May which was a rise of 44% over what was collected in the same duration of the former year.
