GST Council is likely to launch one-time amnesty scheme to facilitate exit for ‘Nil’ filers and Non-filers.

According to media reports, approximately 25 lakh assessee files ‘Nil Returns’ whereas approximately 10% of assessees have never filed their GST returns yet. These assessees do not contribute anything to the economy but add to the work of the tax system. A scheme for exit will bring relief to the taxpayers as it will bring down their compliance cost and at the same time there will be less pressure on the GST Networkd. An amnesty scheme is a mechanism adopted by the Government to encourage compliance under taxation laws. According to the GST law, every person registered under GST is required to file returns either monthly or quarterly basis. Even Nil returns are also required to be filed.

Any registered person filing late return is also required to pay penalty. For late filing of GSTR 3B, the penalty amount is Rs.50 per day whereas for 'Nil' filers penalty is Rs.20 per day subject to a maximum of Rs.5,000. Amnesty scheme is likely to give relief from such fees.

taxreply.com © 2024. All Rights Reserved