The Central Government has announced a waiver of excess late fees for taxpayers who failed to file the reconciliation statement (GSTR-9C) along with their annual return (GSTR-9) for the financial years 2017-18 to 2022-23.
This waiver applies to registered persons who were required to file GSTR-9C but failed to do so within the prescribed timeframe. However, they can now avail of this benefit if they submit the GSTR-9C on or before March 31, 2025.
Key Highlights:
- Who is eligible: Registered persons who were required to file GSTR-9C but failed to do so along with their GSTR-9 for the specified financial years.
- What is waived: Excess late fees above the amount payable under Section 47 of the CGST Act.
- Deadline: GSTR-9C must be filed on or before March 31, 2025, to avail of the waiver.
- No refund: No refund will be provided for late fees already paid.
The waiver covers the amount of late fee exceeding the amount payable under Section 47 of the Central Goods and Services Tax Act, 2017, up to the date of filing the GSTR-9.
This waiver is expected to benefit a significant number of taxpayers who were facing potential penalties for delayed GSTR-9C filings. It will also help in improving compliance and reducing the burden on taxpayers.
- Source: News / Media Source
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