GST Notification 23/2024-Central Tax dt. 08-October-2024
GST Notification – 23/2024:
Notification No. 23/2024-Central Tax, issued on October 8, 2024, by the Central Government under the powers conferred by section 128 of the Central Goods and Services Tax Act, 2017, addresses the waiver of late fees for registered persons required to deduct tax at source (TDS). This notification supersedes the previous notification (No. 22/2021-Central Tax) and applies to registered persons who have failed to file their GSTR-7 returns for the month of June 2021 and onwards by the due date. The late fee waiver specifically pertains to amounts exceeding ₹25 per day for each day of delay and caps the total late fee waiver at ₹1,000.
Additionally, the notification states that if a registered person fails to file GSTR-7 for a month where the total central tax deducted at source is nil, the entire late fee amount will be
waived. This aims to alleviate the financial burden on taxpayers who may have missed the filing deadlines without having significant tax liability. The decision is based on the recommendations of the GST Council, highlighting the government’s commitment to supporting compliance while easing the fiscal pressure on registered persons.
This notification will take effect from November 1, 2024, providing taxpayers with clarity on the treatment of late fees associated with their GSTR-7 filings. By waiving substantial late fees, the government aims to encourage timely compliance among registered persons, thereby improving the overall efficiency of the GST framework and reducing barriers for businesses operating under the GST regime.
