Quick Summary
Vide Notification No. 20/2021 Central Tax, the Central Board of Indirect Taxes and Customs has waived the late fee for delay in furnishing of the statement of outward supplies in FORM GSTR-1 from June 2021 onwards or the quarter ending June 2021 onwards. Read the official notification below: [To be published in the Gazette of India, Extraordinary, Part II, Section 3, Sub- section (i)] Government of India Ministry of Finance (Department of Revenue) Central Board of Indirect Taxes and Cu
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FAQ :
The CBIC has rationalised and waived late fees for delays in furnishing the statement of outward supplies in Form GSTR-1 from June 2021 onwards.
This waiver is for the statement of outward supplies in Form GSTR-1.
The change applies to the tax period June 2021 onwards or the quarter ending June 2021 onwards.
Yes, the late fee amount is specified based on the class of registered persons, including those with nil outward supplies, turnover up to ₹1.5 crores, and turnover between ₹1.5 crores and ₹5 crores in the preceding financial year.
For registered persons with nil outward supplies, the late fee is capped at two hundred and fifty rupees.
For registered persons with an aggregate turnover of up to ₹1.5 crores in the preceding financial year (and not nil outward supplies), the late fee is capped at one thousand rupees.
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