Government gave great relief, late fee waiver but 31 March 2025 is deadline

GST Filing News: Announcing a major relief for traders, the Central Board of Direct Tax and Customs (CBIC) on Thursday announced to waive late fees on delay in GST filing. This exemption from financial year 2017-18 to 2022-23 Reconsiration Statements (GSTR-9C) And Annual Return (GSTR-9) Will apply to delay in filing.

However, to avail this exemption, taxpayers will have to file their returns by or before 31 March 2025. CBIC issued notification related to this relief late Thursday night. This step of the government has been taken with the aim of reducing the burden of compliance on taxpayers and promoting voluntary compliance.

Main condition of late fee exemption

According to this announcement of CBIC, only those taxpayers will get the benefit of late fee exemption, which till 31 March 2025 Reconsiliation statements And Annual return Will enter If the return is not filed before this deadline, the exemption of late fees will not apply.

The purpose of this relief is to encourage traders who have not yet filed their GST returns, so that they can complete it as soon as possible.

What will happen to those who have already paid late fees?

CBIC has clarified that traders who have already been between the financial year 2017-18 to 2022-23 GSTR-9C Or GSTR-9 The late fee has been paid for the delay in filing, they will not get its refund. This exemption is only for taxpayers who have not been able to complete their filing till now.

Government’s objective: encourage compliance

This decision is part of the government’s strategy that aims to simplify compliance and encourage traders to pay tax on time. This step is considered important to make the GST return filing process simple and effective.

Late fee waiver is likely to provide the most relief to small and medium traders (SMES), which often faces difficulty in completing compliance processes on time.

Main points of late fees exemption:

1. Applicable to filing from financial year 2017-18 to 2022-23: The late fee exemption is for the same taxpayers who have not filed returns during these financial years.
2. Deadline till 31 March 2025: The last date for filing returns has been fixed 31 March 2025.
3. No refund on late paid fees already paid: Businessmen who have already paid the late fee will not get the refund of this exemption.

What does this decision matter to GST taxpayers?

This decision can prove to be a relief for those traders, who on time Reconsiliation statements And Annual return Could not file. With the late fee waiver, the government has clearly indicated that it is committed to promoting voluntary compliance and relieving traders.

Therefore, if you have not completed your GST filing till now, then take advantage of this opportunity and file your return before 31 March 2025.