The Government of India has waived the late fees leviable for delayed furnishing of FORM GSTR-3B for the tax periods from July 2017 to April 2021, subject to certain conditions. This decision was taken in light of the challenges faced by taxpayers due to the COVID-19 pandemic and to provide relief to businesses.
FORM GSTR-3B is a summary return that is required to be filed by registered taxpayers under the GST law. It is a monthly return that must be filed by the 20th day of the following month, and contains details of inward and outward supplies made during the tax period, tax liability, and input tax credit claimed by the taxpayer.
GSTR-3B is a simplified form that was introduced to enable taxpayers to file returns easily and quickly in the initial phase of GST implementation. However, it does not provide complete details of the transactions and therefore, it is necessary to file other returns such as GSTR-1, GSTR-2, and GSTR-3 for complete compliance with the GST law.
The waiver of late fees is subject to the following conditions:
1. The taxpayer must have filed FORM GSTR-3B between the period from 1st July 2021 to 30th September 2021.
2. The taxpayer must have declared the amount of tax payable in FORM GSTR-3B for the tax period for which the return was filed.
3. The taxpayer must have paid the amount of tax payable for the said tax period.
If the above conditions are satisfied, the late fee leviable for delayed furnishing of FORM GSTR-3B for the tax periods from July 2017 to April 2021 will be waived. However, this waiver does not apply to any other return or form filed under the GST law.
It is important to note that while the late fees have been waived for delayed furnishing of FORM GSTR-3B for the specified tax periods, the interest on late payment of tax is still applicable. Therefore, if the tax payable is not paid within the due date, interest will continue to accrue until the tax is paid.
Furthermore, the waiver of late fees is applicable only if the taxpayer has filed the return between the period from 1st July 2021 to 30th September 2021. Taxpayers who have already paid the late fees for delayed filing of FORM GSTR-3B for the specified tax periods before the waiver was announced are not eligible for a refund of the late fees paid.
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