The GST Amnesty Scheme limits the maximum late fee charged for filing your GSTR-3B forms for the tax periods from July 2017 – April 2021. Under the scheme, the maximum late fee for any tax liability other than a nil GSTR-3B is restricted to Rs.1000 per return. For a nil GSTR-3B filing, the maximum late fee payable is capped at Rs.500 per return.
The deadline for the GST Amnesty Scheme was extended via CGST notification number 33/2021 issued on 29 August 2021.
The most updated deadline for the GST Amnesty Scheme is on 30 November 2021!
Not filing your GSTR-3B can lead to GST registration cancellation, monetary penalties, and a negative impact on your attractiveness to lenders and clients!
If you are a GST registered business, you will need to submit your GSTR-3B forms for the last 12 months with your business loan application. Not keeping up-to-date with your filings harms your business loan prospects and delays the time it would take you to get the loan. Additionally, some GST-registered businesses prefer to do business with other GST-registered businesses, so losing your registration may shrink your customer base as well.
Don’t forget to be a responsible business owner and file your GST returns on time, or make use of the Amnesty Scheme to file your pending GSTR-3Bs.
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