The government, under criticism from certain sectors and opposition, is also working on reviewing the applicable tax rates on goods & services.
In a tweet on Tuesday, Union Finance Minister Arun Jaitley said, "To facilitate taxpayers, late fee on filing of GSTR-3B for Aug&Sept has been waived". The waiver comes ahead of some major announcements expected to be made by Jaitley later in the day.
The Finance Ministry on Tuesday said that Rs 92,150 crore has been collected as the Goods and Services Tax (GST) in September.
The government has started the process of providing refunds to exporters for the month of August and September.
The deadline for filing the initial returns in GSTR-3B for September under the Goods and Services Tax regime was October 20 midnight, news agency PTI had reported back then. The government is now planning to credit the late fine which has been charged to taxpayers back to their accounts. FIEO had claimed that if refunds do not start flowing immediately, then about Rs 60,000-65,000 crore would be stuck by the end of October, following which the GST Council had approved the sops for exporters in its last meeting held earlier this month.
For July and August, 33.98 and 28.46 returns were filed before the due date respectively.
Every month the businesses filing returns is seeing an increase, he added.
GST Network (GSTN), the company handling IT infrastructure for the indirect tax regime, has from October 10 started issuing refunds to exporters for Integrated GST (IGST) they paid for the month of July, after matching GSTR-3B and GSTR-1.
GSTN chief executive Prakash Kumar had said on Monday the electronic facility for exporters to claim refunds for GST paid in August and September would be launched this week.
GSTR-3B is a summary return of details of outward supplies, inward supplies, credit and payment of tax. The refund amount would be either credited to exporter's bank account through ECS or a cheque would be issued.