Businesses were required to file the maiden Goods and Services Tax (GST) returns for July and pay taxes by August 25 by filing GSTR 3B. The final returns for sales for July are to be filed by September 5 and returns for purchases by September 10.
“Since the payment was not made on or before the due date, the registered person shall be liable for payment of interest on delayed payment of tax starting from August 26, till the date of debit in the electronic cash and/or credit ledger, but will not be liable to pay any late fee,” the CBEC said.
The Central Board of Excise and Customs (CBEC) also provided for correction of erroneous details furnished in form GSTR-3B.
Now, businesses who intend to make changes or amend the initial return (GSTR 3B) can do so at the time of filing final returns in forms GSTR-1 or GSTR-2, as the case may be.
“This will get reflected in the revised output tax liability or eligible ITC (input tax credit), as the case may be, of the registered person. The details furnished in form GSTR-1 and GSTR-2 will be auto-populated and reflected in the returns in form GSTR-3 for that particular month,” the CBEC said.
In cases where the taxes paid as per the initial return filed in GSTR-3B is less than the amount due post reconciliation as per GSTR-1, the additional amount of tax can be paid by debiting the electronic cash or credit ledger.
However, interest on delayed payment of return will be levied on the amount of tax that was due.
Interest would, however, be levied for delayed payment of tax.
Of the 59.57 lakh businesses that should file return for July, as many as 38.38 lakh taxpayers accounting for 64.42 per cent of the total businesses registered in July had filed their GST returns.
Taxes worth Rs 92,283 crore were collected in July from just 64.42 per cent of the total taxpayer base.
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