The Ministry of Finance has issued 3 notifications reducing the Late fee for GST Returns as proposed in 43rd GST Council meeting under the Chairmanship of Union Finance & Corporate Affairs Minister, Nirmala Sitharaman. The Board has rationalized late fee for delay in furnishing of the statement of outward supplies in FORM GSTR-1 from the tax period June 2021 onwards. The Board has notified that the total amount of late fee payable under section 47 of the GST Act shall stand waived which is in excess of Rs. 250 for the registered persons who have nil outward supplies in the tax period, who fail to furnish the details of outward supplies in FORM GSTR-1 by the due date.
Source Taxscan
