Government may waive off interest, penalty on late filing of GSTR-3B: ET Now

Categories: GST Recent News
No Comments

Government might waive off interest and penalty on late filing of GSTR-3B for August in lieu of load on GSTN, ET Now has reported quoting sources. 

GSTR 3B is a simple return form introduced by the CBEC for the month of July and August, following the roll out of the Goods and Services Tax from July 1.

Earlier Revenue Secretary Hasmukh Adhia ruled out any further extension of timeline after December for filing GSTR-3B tax returns by businesses. The GST Council had earlier allowed businesses to file GSTR-3B, a summarised return, till December. 

The format of this return includes a summary of details of outward supplies, inward supplies liable to reverse charges and input tax credit eligible on various procurements made during the month. 

Government had earlier urged people to file returns on time to reduce load on GSTN system.

Government is also verifying input credit claims that have come so far.

GST was adopted to make it easier for businesses to move goods from one state to another, which was not the case under the earlier central and state tax regimes.

However, GSTN, the system supposed to handle the filing of returns, suffered glitches due to the rush of filing invoices as the deadline approached.

Read more at: http://economictimes.indiatimes.com/news/economy/policy/government-might-waive-off-interest-penalty-on-late-filing-of-gstr-3b-et-now/articleshow/60763326.cms

Your Thoughts

Please wait...

Subscribe to our newsletter

Want to be notified when our article is published? Enter your email address and name below to be the first to know.
CLOSE
CLOSE