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57/2020 –Central Tax late fees limited to Rs. 500 for all

57/2020 –Central Tax extension in some due dates, dated 30th June 2020

This notification waived off the late fees on the filing of GSTR 3b. 57/2020 issued to curtail the late fees of GSTR 3b for all taxpayers.

  • If your turnover is more than 5 crore rupees and you need to file a return with tax, The late fees are Rs. 500 per return.
  • In case of NIL return, late fees are zero even if the turnover is more than Rs. 5 Crore
  • Less than 5 crore turnover taxpayers have NIL return are also liable for NIL late fees.
  • But if tax is payable then late fees are Rs. 500

Take care that this waiver is only for GSTR 3b. Late fees on GSTR 1 is still leviable. 

Important extract:

―Provided also that for the class of registered persons mentioned in column (2) of the Table of the above proviso, who fail to furnish the returns for the tax period as specified in column (3) of the said Table, according to the condition mentioned in the corresponding entry in column (4) of the said Table, but furnishes the said return till the 30th day of September, 2020, the total amount of late fee payable under section 47 of the said Act, shall stand waived which is in excess of two hundred and fifty rupees and shall stand fully waived for those taxpayers where the total amount of central tax payable in the said return is nil.

Provided also that for the taxpayers having an aggregate turnover of more than rupees 5 crores in the preceding financial year, who fail to furnish the return in FORM GSTR-3B for the months of May, 2020 to July, 2020, by the due date but furnish the said return till the 30th day of September, 2020, the total amount of late fee under section 47 of the said Act, shall stand waived which is in excess of two hundred and fifty rupees and shall stand fully waived for those taxpayers where the total amount of central tax payable in the said return is nil.‖.

2. This notification shall be deemed to have come into effect from the 25th day of June, 2020.

 

 

 

Read & Download the official copy of 57/2020 –Central Tax

57-2020 Central Tax 30.06.2020

57/2020 –Central Tax

Watch this video for more explanation:

 

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