The Central Board of Indirect Taxes and Customs (CBIC) has issued clarifications on the waiver of late fees for businesses filing pending GSTR-9C, a reconciliation statement required alongside the annual GSTR-9 return. Eligible taxpayers can now avoid penalties by submitting overdue forms for financial years from 2017-18 to 2022-23 by March 31, 2025.
Key Details of the Waiver
- Eligibility Criteria:
- The waiver applies to delayed filings of GSTR-9C for FY 2017-18 through FY 2022-23.
- Taxpayers must file both GSTR-9 and GSTR-9C by the deadline. Late fees exceeding the amount payable under Section 47(2) up to the date of filing GSTR-9 will be waived.
- Late Fee Calculation:
- Late fees are capped at ₹200 per day, up to 0.5% of the taxpayer’s turnover.
- No separate late fees apply for GSTR-9C; penalties are tied to the delayed filing of the complete annual return (GSTR-9 + GSTR-9C).
- Conditions:
- No refunds will be issued for late fees already paid.
- The waiver only applies if GSTR-9C is submitted by March 31, 2025.
Expert Insight:
Chartered Accountant Hunny Munjal explained, “The waiver incentivizes taxpayers to clear pending filings without additional penalties, provided GSTR-9C is filed by the deadline. However, late fees accrued until the original GSTR-9 filing date remain payable.”
