CBIC reduces Late Fees for GST Annual Returns from FY 2022-23 onwards: Notification
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- By Chetan Kulasri
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- Last Updated on 3 April, 2023
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Notification No. 07/2023–Central Tax dated March 31st, 2023
The CBIC has issued notification to reduce late fees for filing of annual return for taxpayers having turnover of up to Rs. 20 Crores. This rationalization of the late fee is applicable from FY 2022-23 onwards.
The late fees shall be Rs. 50 per day (i.e. Rs. 25 in CGST and Rs. 25 in SGST) subject to a maximum of 0.04% (i.e. 0.02% in CGST and 0.02% in SGST) of the turnover for taxpayers having turnover up to 5 crores.
However, the late fees shall be and Rs. 100 per day (i.e. Rs. 50 in CGST and Rs. 50 in SGST) subject to a maximum of 0.04% (i.e. 0.02% in CGST and 0.02% in SGST) of the turnover for taxpayers having turnover up to 20 crores.
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