CBIC vide Notification No. 07/2023 – Central Tax dated March 31, 2023 has reduced the amount of late fees for filing the return under section 44 of the CGST Act viz. Annual Return, which may include the self-certified reconciliation statement (GSTR 9 & GSTR 9C), for the financial year 2022-23 and onwards in the following manner: –
Upto Rs. 5 crs aggregate turnover reduced from the current fees from Rs.200 per day subject to maximum of 0.5% of the turnover in the state to Rs.50 per day subject to a maximum of 0.04% of the turnover in the state
Rs.5 crs to Rs.20 crs aggregate turnover reduced from the current fees from Rs.200 per day subject to maximum of 0.5% of the turnover in the state to Rs.100 per day subject to a maximum of 0.04% of the turnover in the state.
Further, a proviso has been inserted to the above-mentioned notification to limit the amount of late fees for filing the return under section 44 of the CGST Act viz. Annual Return, which may include the self-certified reconciliation statement by the registered person who fails to file such returns for any of the Financial Years starting from 2017-18 to 2021-22 up to INR 20,000 (CGST + SGST), if such registered person furnishes such return in a period starting from April 1, 2023 to June 30, 2023.