Summary of Waiver and Reduction of Late Fees for GSTR-7 Filing Under Section 47

Government has issued Notification for Waiver and Reduction of Late Fees for GSTR-7 Filing Under Section 47.

• This notification is about waiving late fees for registered taxpayers who are required to deduct TDS under section 51 of the CGST Act,2017, and who failed to submit their GSTR-7 return on time starting from June 2021 onwards.
• If taxpayer files GSTR-7 late they will now charge a late fee of Rs.25 per day. However, the late fee will not exceed Rs.1000 in total for each return.
• If the taxpayer did not deduct any tax i.e. Nil return, the late fee for filing the return late will be completely waived.
• This new rule will be applicable from 01-11-2024.