Latest GST News: The Goods and Services Tax Network (GSTN) has announced that from the beginning of 2025, GST taxpayers will not be able to file monthly and annual returns after three years from the original due date.
The three-year deadline for filing GST will apply to all from the beginning of next year 2025. Businesses and individual taxpayers should review their records to settle any outstanding GST returns.
The Goods and Services Tax Network (GSTN) has announced that from the beginning of 2025, GST taxpayers will not be able to file monthly and annual returns after three years from the original due date. This change will apply to all types of GST returns, including outward supply returns, liability payments, annual returns and tax collected at source (TCS) returns.
The GSTN has urged taxpayers to reconcile their records and submit any outstanding returns to avoid future hassles. This advice is especially important for businesses and individual taxpayers who have delayed filing GST for previous periods as their missed filings will not be able to be settled once the three-year return settlement deadline is implemented.
Three-year cutoff
GSTN emphasized that taxpayers should take advantage of the time and file all their past due GST returns before the three-year cutoff comes into effect. Experts said that taxpayers can be declared defaulters under the GST law for not following the new rule.
They consider it a good move by GSTN, as it will relieve taxpayers from problems like GST demand notices and penalties.
Relief to taxpayers
The new Goods and Services Tax (GST) amnesty scheme will come into effect on November 1, 2024 across the country. This will provide relief to taxpayers with outstanding GST demand from 2017-18 to 2019-20. Under this scheme, interest and penalty are being waived in non-fraudulent cases. However, taxpayers will have to pay their entire outstanding tax, the payment deadline for which has been fixed as March 31, 2025. The scheme was officially released by the Ministry of Finance after the announcement in Budget 2024.
The Central Board of Indirect Taxes and Customs (CBIC) has confirmed that eligible taxpayers under section 128A can apply for waiver of interest and penalty in cases of GST demand raised under section 73 of the GST Act.
