No penalty for those who failed to file July GST 3B returns on time.

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In a relief to over 20 lakh tax payers under the new Goods and Services Tax (GST) regime, the government Saturday waived late fine of Rs 200 per day for those who could not file July GST returns on time. The last date for filing taxes was August 25.

In a relief to over 20 lakh tax payers under the new Goods and Services Tax (GST) regime, the government Saturday waived late fine of Rs 200 per day for those who could not file July GST returns on time. The last date for filing taxes was August 25.

However, the interest on late payment of dues has not been dropped and the traders need to file the same.

“Late fee for all taxpayers who could not file GSTR-3B for the month of July has been waived, but not the interest on late payment of dues. Interest will be applicable to all taxpayers who have not discharged their complete GST liability for July by August 25,” Finance Ministry said in a series of tweets.

About 60 lakh taxpayers had to file GST returns for July but only about 40 lakh had done so till the last date. More than 20 lakh were facing a penalty.

The ministry said that the taxpayers who have committed errors in GSTR 3B will also be able to put the correct details in GSTR 1-2-3.

The ministry gave a fresh date to file GSTR 1 for July. GSTR 1 is to be filed by all taxpayers by September 5 and GSTR 2&3 by September 10 and 15 respectively, it said.

GSTR one reflects sales data of traders, GSTR two is purchase data and GSTR3 combines sales and purchase data.

Source : http://www.deccanherald.com/content/631061/no-penalty-failed-file-july.html

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