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!
Learn more about the Amnesty Scheme here.
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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