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September 22, Friday 2017 5:19 PM       

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       Finance Ministry dismisses penalty levied for late filing of GSTR 3B for July
 
         Posted on :23:13:09 Sep 2, 2017
   
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       Last edited on:23:13:09 Sep 2, 2017
         Tags: Finance Ministry dismisses penalty levied for
 
New Delhi: The Ministry of Finance on Saturday notified that penalties chargeable on delays in filing the GSTR 3B for the month of July will be waived off. However, the interest applicable on late payment of the tax liability will be charged, the Ministry said.
 
The Goods and Services Tax (GST) tax was introduced at the stroke of midnight of June 30. While the last date for payment of the GST for the month of July was August 25, taxpayers who were not able to meet the deadline will not be under the burden of paying a penalty.
 
GSTR 1 is to be filed by all taxpayers by September 5, while GSTR 2 and GSTR 3 are to be filed by all taxpayers by September 10 and 15, respectively.
 
Taxpayers who have committed errors in GSTR 3B will be able to amend their details in GSTR 1-2-3. However, interest will be levied on all taxpayers who have not discharged their complete tax liability for July by August 25.
 
For the unversed, payment of the GST is complete only when the amount of tax payable is debited from electronic cash /credit ledger. 
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       BUSINESS
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