The Indian government has introduced an amnesty scheme for small businesses, non-filers of final returns, and taxpayers who have had their Goods and Services Tax (GST) registration cancelled. The Central Board of Indirect Taxes & Customs (CBIC) has issued a notification stating that those affected can apply for the revocation of their cancelled registration by June 30, 2023, after paying the due taxes, interest, and penalty. The CBIC has also made amendments to the Central GST Act, specifying that businesses whose registration was cancelled on or before December 31, 2022, and who failed to apply for revocation within the specified period, can now do so by June 30, 2023.
Key Points
- The government has launched an amnesty scheme for taxpayers to file their GST returns from 2017-18 to 2021-22 with a maximum late fee of Rs 20,000.
- All previous returns must be filed by June 30, 2023, to be eligible for this scheme, and full penalties will be levied after that.
- The late fee for failing to furnish the final return in Form GSTR-10 by the due date has been set at Rs 1,000 by CBIC.
- Registered individuals who submit the final return in Form GSTR-10 by June 30 can benefit from this scheme.
- Form GSTR-10 is the final return that must be filed by taxpayers who have chosen to cancel their GST registration.
- The CBIC has issued another notification that rationalizes the late fee for delayed filing of annual returns in Form GSTR-9 for small businesses with a turnover up to Rs 20 crore.
- Businesses with an aggregate turnover of up to Rs 5 crore would be charged a late fee of Rs 50 per day, subject to a maximum of 0.04% of their turnover.
- Registered persons having an aggregate turnover between Rs 5-20 crore would be liable to pay a late fee of Rs 100 per day, subject to a maximum of 0.04% of their turnover.
- Late fees for filing old returns have also been waived for composition taxpayers. Such taxpayers can now file all returns from July 2017 to March 2022 with a late fee of only Rs 500. The entire late fee has been waived if there is no tax liability. This scheme is also valid till June 30, 2023.
According to the notification issued by the Finance Ministry, a taxpayer can apply for the reversal of the cancellation of GST registration only after filing all the returns due up to the date of cancellation and paying the taxes, interest, penalty, and late fees. It also stated that there will be no further extension of time available for filing an application for the revocation of cancellation of registration.
If You have any query then connect with us at [email protected] or you can contact us & stay updated with our latest blogs & articles.
