Jaitley on Tuesday announced a much needed relief for businesses after he withdrew the late fee penalty for GST returns filed after the due date. Also, payments made in lieu of late fee charges shall be reverse back in the taxpayer's account.

Only 39 lakh GST assessees are known to have filed the return until October 22.

"To facilitate taxpayers, late fee on filing of GSTR-3B for Aug & Sept has been waived. Late fee paid will be credited back to taxpayer ledger," the Finance Minister tweeted via his official Twitter handle.

Summary returns under GST is reportedly filed by only half of the assesses registered under the new GST. GSTR 3B is the summary return providing details on sale and input purchases.

The computed tax is then required to be paid by the 10th of the following month. For the July month, a relatively small number of assesses filed the GSTR 3B return form.

Goodreturns.in