Simplified Explanation of Notification No. 8/2023-Central Tax
Purpose: This notification provides a waiver for the late fee associated with the delayed filing of the final GST return (FORM GSTR-10) for a specific period.
Key Points:
- Waiver of Late Fee:
- Late Fee Amount: The notification waives any late fee exceeding ₹500 for late submission of the final return in FORM GSTR-10.
- Eligibility Period: This waiver applies if the return is filed between April 1, 2023, and August 31, 2023.
- Applicable Section:
- Section 47 of the CGST Act: This section deals with the levy of late fees for delayed filing of GST returns.
- Section 128 of the CGST Act: Allows the government to issue notifications related to the waiver of late fees.
- Amendment:
- The original notification was amended to extend the waiver period up to August 31, 2023, from the initial end date.
Example:
Scenario: A business was required to file its final GST return (FORM GSTR-10) by a specific due date but missed it. Normally, a late fee would apply, potentially exceeding ₹500.
With the New Notification:
- Original Due Date: Let’s say the due date was March 31, 2023.
- Waiver Period: The business now has an extended period until August 31, 2023, to file the return.
- Late Fee Waiver: If the business files between April 1, 2023, and August 31, 2023, any late fee charged in excess of ₹500 will be waived.
