The central government, under the guidance of the Goods and Services Tax (GST) Council, has exempted the late-filing penalty for all registered taxpayers who were not being able to file GST-3B return by the due date. “In exercise of the powers conferred by section 128 of the Central Goods and Services Tax Act, 2017 (12 of 2017), the Central Government, on the recommendations of the Council, hereby waives the late fee payable under section 47 of the said Act, for all registered persons who failed to furnish the return in FORM GSTR-3B for the month of July, 2017 by the due date,” Central Board of Excise and Customs (CBEC) notified.
The due date for filing GST returns for July for taxpayers who did not want to claim transitional input tax credit, was August 25, while for those who wanted to get the benefit of transitional credit, it was August 28. While announcing the figures for GST collections for July, finance minister Arun Jaitley, on Tuesday had said that a nominal late filing fine of Rs 100 per day for CGST and SGST each, will be charged for those who haven’t yet paid the GST.
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For the first month of indirect tax regime implementation, July, the Centre, and states have collected Rs 92,283 crore as GST. That is marginally higher than the estimated target of Rs 91,000 crore. As per the calculation, the 64.42 per cent of the total registered taxpayers, excluding composition dealers and registrants in August, had filed GST returns for July month, Jaitley confirmed on Tuesday and the tax collection number was expected to “somewhat increase” with more compliance.
