GST Late Fee Waiver: A Big Relief for Businesses

Late Fee Waiver Announcement by CBIC

The Central Board of Indirect Taxes and Customs (CBIC) has introduced a significant relief measure. Businesses struggling with late fees for GSTR-9C filing can now breathe a sigh of relief. This late fee waiver applies to financial years from 2017-18 to 2022-23.

CBIC, under the Ministry of Finance, made this announcement via a circular. Businesses must furnish their GSTR-9C reconciliation statements by March 31, 2025, to avail of this benefit.

Key Highlights of the Waiver

  • Applicable Financial Years: 2017-18 to 2022-23.
  • Deadline for Filing: March 31, 2025.
  • Refund Policy: No refund for fees already paid.

This move aims to support businesses that faced challenges in timely filing due to technical or operational hurdles.

Table: GSTR-9C Filing Late Fee Waiver Details

AspectDetails
Waiver Applicable ToFinancial years 2017-2023
Form RequiredGSTR-9C
Filing DeadlineMarch 31, 2025
Refund on Paid FeesNot available

Why This Update Matters

  1. Cost Savings: Businesses save significant amounts on late fees.
  2. Extended Deadline: Provides enough time to file pending statements.
  3. Compliance Encouragement: Promotes timely submission of future returns.

Did You Know?

The GSTR-9C is a reconciliation statement that matches the financial records of a business with GST returns. Filing this ensures accuracy and compliance.

CBIC’s decision is a major step toward easing compliance pressures on Indian businesses. If you’ve missed filing, act now and take advantage of this relief

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