CBIC notifies reduction/waiver of late fee applicable for failure/delays in filing GSTR-7 (GST TDS Return) from the month of June 2021 and onwards by registered persons required to deduct tax at source as per section 51 of the CGST 2017.
The fee applicable for failures to file returns in FORM GSTR-7 for the month of June 2021 and later, has been reduced to Rs 25 per day of default, which is further subject to a cap limit of Rs 1,000 for each such monthly GSTR-7 in default.
Further, in the case of registered persons whose central tax withheld at source for a month is ‘Nil’ or ‘Zero’, the complete late fee under section 47 for their GSTR-7 filing delays/failures will stand exempted.
This notification (23/2024) replaces the earlier Notification (22/2021) and is valid from 1st November 2024.
The measures provide assistance to taxpayers by reducing the financial strain tied to late submissions during the designated timeframe, encouraging adherence to tax responsibilities under the Act.
CBIC Central Tax Notification 23/2024 dated 08/10/2024: Reduction/Waiver of Late Fee for GSTR-7 (GST TDS Return)
Related Notifications:
CBIC Central Tax Notification 22/2021 dt. 01/06/2021: CBIC waives the late fee payable in respect of delayed filing of return in Form GSTR 7 for the m/o June 2021 and onwards, which is in excess of Rs. 25 per day of delay (maximum limit Rs 1000).
Related Posts: