Amnesty Cum Late Fees Reduction For Annual Gst Return

Summary of Amnesty Cum Late Fees Reduction For Annual Gst Return 

CBIC reduces Annual Return Late Fee as follows vide Notification No. 07/2023–Central Tax Dated: 31st March 2023 –  

1. for the financial year 2022-23 onwards Registered persons having an aggregate turnover of up to five crore rupees in the relevant financial year– Fifty rupees per day (25 CGST+25 SGT), subject to a maximum of an amount calculated at 0.04 (0.02+0.02) percent. of turnover in the State or Union territory.  

Registered persons having an aggregate turnover of more than five crores rupees and up to twenty crore rupees in the relevant financial year – Hundred rupees per day (50+50), subject to a maximum of an amount calculated at 0.04 (0.02+0.02) percent. of turnover in the State or Union territory.  

For Registered Persons having an Aggregate Turnover of More than Rs.20 Crores no reduction in the number of Late Fees.  

2 . For financial years 2017-18, 2018-19, 2019-20, 2020-21, or 2021-22 IF the annual return is furnished between the period from the 1st day of April 2023 to the 30th day of June 2023, the total amount of late fee is restricted to Rs.20000 (10000+10000).