Late fees waived for GST Annual Returns

The CBIC (Central Board of Indirect Taxes and Customs) has issued a new notification on the last day of the financial year 2022-23. i.e., on 31st March 2023, a new notification is issued with respect to the Filing of the Annual return GSTR-9.

This new amnesty scheme is for persons who have not filed GSTR-9 from FY 2017-18 until 2021-22. So, those persons who have not filed GSTR-9 of the above financial years can file the returns by paying late fees of only up to Rs.20,000/-. The government puts a limit on the maximum amount of late fees required to be paid while filing the GSTR-9 Annual return if returns were not filed on time. Late fees would be waived for filing of GSTR-9 if it exceeds Rs.10,000/- per return per act.

As GSTR-9 (Annual Return) is required to be filed mandatorily by GSTIN holders having turnover of more than Rs.2 Crores, There might be certain GSTIN holders who have not filed GSTR-9 Annual Return for the Financial year 2017-18, 2018-19,2019-20,2020-21, and 2021-22 Yet and to file these returns, Person is required to pay late fees of Rs.100/- per day per act so for filing the earlier pending returns, a person may need to pay late fees in thousands or Lakhs even. This scheme brings a bucket of happiness for all those persons who have a pendency of filing GSTR-9 for all the above years from FY 2017-18 up to 2021-22.

It is pertinent to note that to take benefit of this new amnesty scheme pending GSTR-9 Annual returns of the above financial years need to file on or before 30th June 2023. For returns filed on or before 30th June 2023 only, this benefit of reduced late fees would be applicable.

Reduced late fees from FY2022-23 for GSTR-9

The notification also prescribes a reduced amount of late fees for the recent financial year 2022-23 category-wise.

Turnover	Late fees	Maximum Late fee up to (max cap)
Up to Rs.5 Crores	Rs.50 per day per return	0.04% of turnover in the State
Between Rs.5 Crores to Rs.20 Crores	Rs.100 per day per return	0.04% of turnover in the State
More than Rs.20 Crores	Rs.200 per day per return	0.50% of turnover in the State

So those who have any pendency of GSTR-9 should take benefit of this new Amnesty Scheme.