Rationalisation of penalties for late filing of annual GST Returns: 49th GST Council Meeting Outcome
49th GST Council meeting, held at vigyan bhawav New Delhi, chaired by Union Finance Minister, Nirmala Sitharaman today on 18th February 2023
One of the key changes proposed in the said meeting is for the Rationalisation of penalties for late filing of annual GST Returns, to provide relief to the small tax payer rationalisation of late fees made as under;
- For Registered person whose aggregate turnover does not exceeds Rs.5 crores, they have to pay a late fees of Rs.25 per day subject to maximum of 0.02% of the turnover, for delay in filing GST Annual Return
- For Registered person whose aggregate turnover exceeds Rs.5 crore but does not exceeds Rs.20 crores this categories of taxpayer has to pay a late fees of Rs.50 per day subject to maximum of 0.02% of the turnover, for delay in filing GST Annual Return
This provision will be applicable from financial Year 2022-23
Current provision
As per Section 47(2) of CGST Act, 2017, any registered person who fails to furnish Annual Return by the due date shall be liable to pay a late fee of R 100/- per day subject to maximum of 0.25% of his turnover in the State or Union Territory.
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