Quick Summary
In a relief for taxpayers required to deduct tax at source (TDS) under section 51 of the Central Goods and Services Tax (CGST) Act, 2017, the Central Board of Indirect Taxes and Customs (CBIC) has issued Notification No. 23/2024, dated October 8, 2024. This notification waives the late fee for delays in filing FORM GSTR-7 from June 2021 onwards, with certain limits and conditions, and is set to come into effect on November 1, 2024. Key Highlights of the Notification Late Fee Cap: For delay
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FAQ :
The CBIC has waived late fees for delayed filings of FORM GSTR-7, which is used for deducting tax at source (TDS) under the CGST Act, for periods from June 2021 onwards.
The late fee for delayed GSTR-7 filings is now capped at £1,000 per taxpayer, with a daily charge of £25.
Yes, the late fee is fully waived for any month where no tax was deducted at source (TDS).
Registered persons who are required to deduct TDS under section 51 of the CGST Act and have delayed filing their GSTR-7 returns from June 2021 onwards are eligible.
This notification comes into effect on November 1, 2024.
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