𝗚𝗢𝗩𝗘𝗥𝗡𝗠𝗘𝗡𝗧 𝗢𝗙 𝗜𝗡𝗗𝗜𝗔 𝗪𝗮𝗶𝘃𝗲𝘀 𝗟𝗮𝘁𝗲 𝗙𝗲𝗲𝘀 𝗳𝗼𝗿 𝗧𝗗𝗦 𝗥𝗲𝘁𝘂𝗿𝗻𝘀 📢 New Notification on Late Fee Relief:

"Registered persons failing to file GSTR-7 returns for TDS deduction, starting from June 2021, will now benefit from a reduced late fee capped at ₹25 per day, with a maximum limit of ₹1,000 per month."

🔍 𝗞𝗲𝘆 𝗗𝗲𝘁𝗮𝗶𝗹𝘀: 𝗜𝘀𝘀𝘂𝗲𝗱 𝗯𝘆: Ministry of Finance, Department of Revenue 𝗡𝗼𝘁𝗶𝗳𝗶𝗰𝗮𝘁𝗶𝗼𝗻: No. 23/2024-Central Tax 𝗦𝗰𝗼𝗽𝗲: Waives late fees for delayed filing of GSTR-7 returns, with a full waiver for months where the TDS deduction is nil.

⚖️ 𝗜𝗺𝗽𝗮𝗰𝘁 𝗼𝗳 𝗡𝗼𝘁𝗶𝗳𝗶𝗰𝗮𝘁𝗶𝗼𝗻: The amendment provides a significant reduction in late fees for businesses, encouraging compliance while easing the financial burden. It introduces a capped late fee structure, ensuring that registered persons face a manageable penalty for delayed returns. Additionally, no late fees will be charged for months with nil TDS.

📜 𝗡𝗼𝘁𝗶𝗳𝗶𝗰𝗮𝘁𝗶𝗼𝗻 𝗜𝗻𝗳𝗼𝗿𝗺𝗮𝘁𝗶𝗼𝗻: 𝗡𝗼𝘁𝗶𝗳𝗶𝗰𝗮𝘁𝗶𝗼𝗻 𝗡𝗼.: 23/2024-Central Tax 𝗘𝗳𝗳𝗲𝗰𝘁𝗶𝘃𝗲 𝗗𝗮𝘁𝗲: 1 November 2024 𝗥𝗲𝗹𝗲𝘃𝗮𝗻𝘁 𝗙𝗼𝗿𝗺: GSTR-7 (TDS Return) This notification simplifies compliance for businesses dealing with TDS under GST by capping penalties and providing relief for nil deductions, promoting timely filing of returns.