Rationalisation of Late fees for Annual Return; Extension of Time Limit for revocation of cancellation of registration & One time amnesty scheme-Simplified
As we all know GST Council has made various recommendations in 49th GST Council meeting .I will discuss three important recommendations-
1. Rationalisation of Late fees for Annual return- GSTR-9:
Presently, Late fees for Annual return as follows- Rs 200 per day (Rs 100 CGST/Rs 100 SGST), subject to maximum of 0.5% of the Turnover in the State or UT.
So now onwards i.e. F.Y 2022-23, the council recommended to rationalise this late fees having aggregate turnover in a F.Y up-to Rs 20 crores as below-
|
Aggregate Turnover (Limit) |
Late Fees |
| Up-to Rs 5 crores | Rs 50 per day ( Rs 25 CGST+Rs 25 SGST) subject to maximum of 0.04 per-cent of turnover. |
| More than 5 crores -up to Rs 20 crores | Rs 100 per day ( Rs 50 CGST+Rs 50 SGST) subject to maximum of 0.04 per-cent of turnover. |
2. Amnesty Scheme in respect of pending returns – FORM GSTR-4, FORM GSTR-9 and FORM GSTR-10- The council re-commended amnesty scheme s in respect of pending returns in FORM GSTR-4, FORM GSTR-9 and FORM GSTR-10 by way of conditional waiver/ reduction of late fee. So we have to wait for notification about conditions of waiver/reduction in late fees.
3. Extension of time limit for application for revocation of cancellation of registration :
The GST council recommended that the time limit for making an application for revocation of cancellation of registration be increased from 30 days to 90 days; where the registered person fails to apply for such revocation within 90 days, the said time period may be extended by the Commissioner or an officer authorised by him in this behalf for a further period not exceeding 180 days. Also an amnesty may be provided in past cases in case registration has been cancelled on account of non-filling of returns and revocation cannot be filed with-in 30 days specified in Section 30 of CGST ACT but subject to certain conditions.
Author Bio
MADAM MY FIRM TURNOVER IS RS. 35,80,200/-
STILL I AM NOT GIVE ANY ANNUAL RETURN.
IF I AM ANY RELAXATION TO GIVE ANUMAL RETURN . PLEASE TO CLARIFICATION NEEDED