CAIT urges finance ministry to waive penalty on late filing of GSTR

By: |
Mumbai | Published: August 31, 2017 7:16:16 PM

The Confederation of All India Traders (CAIT) today urged the government to waive penalty on late filing of GSTR form 3B, which is summary return for July.

Confederation of All India Traders, CAIT, CAIT urges finance ministry, finance ministry to waive penalty, waive penalty on late filing, GSTR, late filing of GSTR, penalty on late filing of GSTR, GSTThe Confederation of All India Traders (CAIT) today urged the government to waive penalty on late filing of GSTR form 3B, which is summary return for July.

The Confederation of All India Traders (CAIT) today urged the government to waive penalty on late filing of GSTR form 3B, which is summary return for July. In the first month of its implementation, GST has fetched a revenue of about Rs 93,000 crore with about 65 per cent business entities registered with GSTN portal, CAIT president B C Bhartia said in a release issued here. The last date of filing GSTR form 3B, designed to furnish summary returns of transactions made in July, has already expired on August 28, he said.

But it is expected that remaining lot will file the return after paying penalty of Rs 100 per day with a maximum penalty limit of Rs 5,000, he added. As most traders have complied with the GST, CAIT urged Finance Minister Arun Jaitley to waive the penalty for July and August GST returns. “Penalty at this point of time will affect the GST adoption among trading community,” CAIT Secretary General Praveen Khandelwal added.

Get live Stock Prices from BSE and NSE and latest NAV, portfolio of Mutual Funds, calculate your tax by Income Tax Calculator, know market’s Top Gainers, Top Losers & Best Equity Funds. Like us on Facebook and follow us on Twitter.