On January 23, 2025, the Central Board of Indirect Taxes and Customs (CBIC) issued a notification (No. 08/2025 – Central Tax) announcing a significant relief for GST taxpayers regarding late fees for filing annual returns.
Key Highlights of the Notification:
- Late Fee Waiver for Certain Financial Years
The government has waived the late fee charged for filing the annual return (Form GSTR-9) and the reconciliation statement (Form GSTR-9C) under Section 44 of the CGST Act. This waiver applies to the financial years:- 2017-18
- 2018-19
- 2019-20
- 2020-21
- 2021-22
- 2022-23
- Conditions for the Waiver
- Taxpayers must file the pending reconciliation statement in Form GSTR-9C along with the annual return (Form GSTR-9) for the applicable financial year.
- The returns and reconciliation statements must be submitted on or before March 31, 2025.
- No Refund for Late Fees Already Paid
Taxpayers who have already paid late fees for delayed filing will not be eligible for a refund under this waiver.
What Does This Mean for Taxpayers?
This notification offers a golden opportunity for taxpayers who missed filing their annual returns or reconciliation statements in time. By availing this waiver, they can:
- Save on additional late fees that would have been incurred.
- Ensure compliance with GST regulations without any financial burden.
However, it is crucial to act promptly, as the waiver is valid only for filings completed by March 31, 2025.
Conclusion:
This move is expected to ease the compliance burden and encourage taxpayers to complete their GST filings for previous years. If you have pending filings for the specified financial years, make sure to take advantage of this late fee waiver before the deadline.
