21/2024 – Central tax — Seeks to notify date under sub-section (1) of Section 128A of CGST Act.
Summary
Notification 21/2024, issued by the CBIC on October 8, 2024, deals with extending the reduced late fee for delayed filing of certain GST returns. Specifically, it's acting under the authority of Section 128A of the Central Goods and Services Tax (CGST) Act. This section allows the government to waive or reduce late fees for specific periods.
This notification is good news for taxpayers who have been struggling to file their GSTR-4 (Annual return for Composition Scheme taxpayers), GSTR-9 (Annual return for regular taxpayers), and GSTR-10 (Final return). It essentially extends the period for which the reduced late fees, previously announced, will remain applicable.
If you are a taxpayer who needs to file any of these returns, particularly if you haven't yet filed for previous tax periods, pay close attention. This notification gives you a limited time window to take advantage of the lower late fee structure. The notification will specify the exact period for which the reduced rates are applicable, however, this window of opportunity is only extended till the end of December 2024. Ensure that you file your pending returns for earlier periods before December 31, 2024, to benefit from reduced late fee liability. Consult the specific notification for the exact late fee amounts and applicable conditions. Missing this deadline will mean being liable for higher late fees as originally prescribed under the GST law.
Key Changes
| Change | Impact |
|---|---|
| Notification of the date for waiver/reduction of interest on delayed payment of tax. | Provides specific dates from which the benefit of waived or reduced interest on delayed GST payments is applicable, offering financial relief to eligible taxpayers. |
| Refers to Section 128A of the CGST Act. | Directly invokes the legal provision that empowers the government to waive or reduce interest payable under the CGST Act, clarifying the legal basis for the notification. |
| Central Tax Notification. | Indicates that the notification pertains to the Central Goods and Services Tax, impacting the central tax component of GST obligations. |