The government has exempted the late fees for two months till June for the late furnishing of GSTR 4 return for the FY 2021-22 via small assessee enrolled beneath the composition policy.
The Central Board of indirect taxes and customs (CBIC) in a GST notification No. 07/2022 mentioned that the late fee would get exempted from May 1 to June 30, 2022, for the late filing of GSTR-4 in FY 2021-22.
GSTR-4 is furnished yearly by the assessee enrolled beneath the composition policy. As per GST law, Rs 50 per day shall be imposed as the late fee for the delay in furnishing GSTR-4. But the sum of the amount of the tax subjected to pay is nil, a maximum of Rs 500 would be levied as a late fee. For the additional cases, the maximum fee that could be imposed is Rs 2000.
Any traders could choose by any traders whose turnover is less than Rs 1.5 cr, while it is Rs 75 lakh for the businesses in the northeastern states.
Beneath the policy, the manufacturers and the traders are needed to furnish GST at 1%, while it is 5% for restaurants that do not provide the alcohol and 6% for the additional service providers.
The taxpayers mentioned for the comfort of small assessees, the government exempted the late fee subjected to pay for the late filing form GSTR-4 towards the FY 2021-22 till June 30, 2022.
“This is a welcome step and would help numerous composition taxpayers to dodge the non-compliance costs, a tax expert mentioned. “
