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Blanket exemption of late fee unfair to those who filed returns within due date: CBIC


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Blanket exemption of late fee unfair to those who filed returns within due date: CBIC

PolicyStock Analysis, IPO, Mutual Funds, Bonds & MoreThe Central Board of Indirect Taxes and Customs (CBIC), in a series of tweets, said it had been explicitly clarified to stakeholders that the waiver of late fee was conditional upon filing the return of the said tax period by the due date. PTI|Last Updated: Jun 26, 2020,…

The Economic Times

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    The Central Board of Indirect Taxes and Customs (CBIC), in a series of tweets, stated it had been explicitly clarified to stakeholders that the waiver of gradual price used to be conditional upon submitting the return of the stated tax interval by the due date.

    PTI|

    Final Up to this level: Jun 26, 2020, 10.43 PM IST

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    “A blanket exemption of gradual price would were unfair to those taxpayers who filed returns earlier than June 24,” the CBIC stated.

    New Delhi: The CBIC on Friday stated a blanket exemption of gradual price would be unfair in opposition to those taxpayers who filed February, March and April GST sales returns interior the prolonged due date of June 24. As fragment of COVID-19 reduction equipment announced in March, a conditional waiver of gradual price had been supplied for taxpayers.

    Accordingly, for entities having turnover of larger than Rs 5 crore, gradual price waiver on GSTR-3B returns for the tax interval February, March and April 2020 used to be field to the condition that the return is filed by June 24, 2020.

    The Central Board of Indirect Taxes and Customs (CBIC), in a series of tweets, stated it had been explicitly clarified to stakeholders that the waiver of gradual price used to be conditional upon submitting the return of the stated tax interval by the due date.

    “A blanket exemption of gradual price would were unfair to those taxpayers who filed returns earlier than June 24,” the CBIC added.

    5/5 In several words, a blanket exemption of gradual price would were unfair to those taxpayers who filed returns earlier than 24th June.

    — CBIC (@cbic_india) 1593185267000

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