A piece of positive news for taxpayers as CBIC has notified GST Return Filing Late fees waiver for GSTR4. This was done to provide convenience to small taxpayers. However, taxpayers must note that this relief is available for only a short duration. Therefore, you must not miss this golden opportunity to file delayed GST Returns. The details about the recent notification as CBIC waives GST Return Filing Late fees for GSTR4 is discussed in this article.
What is GSTR4?
GSTR4 is a mandatory GST Return that taxpayers need to file under the composition scheme. The GSTR4 Return must be filed every three months.
Contents of GSTR 4
The GSTR 4 Returns contain the following:
- Total Value of Sales and Supplies made
- Tax Paid
- Invoice Level details of the purchases etc.
Important Note: The details about purchases that you made from the vendors having GST Registration will be available to you on GST Portal through the sales returns (GSTR-1) that vendors made.
What is the deadline for submitting GSTR-4?
It’s possible to file this tax return as soon as the corresponding quarter has ended. The GSTR-4 must be filed by the 18th of the month after the quarter’s completion. Thus, the composition scheme under GST Registration offers taxpayers significant benefits such as less number of return filings.
You can also learn more about the Composition scheme at – Short Analysis of Composition Scheme Under GST
Latest News: CBIC waives GST Return Filing Late Fees for GSTR4
The Central Board of Indirect Taxes and Customs (CBIC) has waived the late fee for GSTR-4 till 30th June 2022. It is important to know that the Late fee payable for delay in furnishing FORM GSTR-4 is waived off for FY 2021.
The Central Board of Indirect Taxes and Customs (CBIC) in a notification said that the late fee shall be waived from May 1 to June 30, 2022, for the delay in filing GSTR-4 for the 2021-22 fiscal.
Source: Government Notification
What is the late fee payable for GSTR4?
According to GST law, ₹50 per day is charged as a late fee for delay in GST Return filing of GSTR-4. However, where the total amount of tax payable is nil, a maximum of ₹500 can be imposed as a late fee. For all other cases, the maximum fee that can be imposed is ₹2,000.
Conclusion
CBIC waives GST Return Filing Late fees is good news for taxpayers. Taxpayers must not miss this opportunity and file their GST Returns at the earliest.
Moreover, If you want any other guidance relating to GST Registration, please feel free to talk to our business advisors at 8881-069-069.
Download E-Startup Mobile App and Never miss the latest updates narrating to your business.