Section 128 of GST – Power to waive penalty or fee or both

Section 128 of GST – Power to waive penalty or fee or both. In this GST Section you may find all details for Power to waive penalty or fee or both as per Revised GST Act 2017Detailed Analysis of GST Section 128 of GST Act 2017. We Provide Complete Details for All GST Section’s and In this article you may find all details for GST Section 128Check Section Wise Analysis of GST Act 2017, Chapter Wise Analysis of GST All Sections. in this article you may find complete details regarding Section 128 of GST Act 2017 – Power to waive penalty or fee or both, gst all sections and definitionsNow Check more details from below…..

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Section 128 of GST – Power to waive penalty or fee or both

Statutory provision

Section 128 of GST

The Government may, by notification, waive in part or full, any penalty referred to in section 122 or section 123 or section 125 or any late fee referred to in section 47 for such class of taxpayers and under such mitigating circumstances as may be specified therein on the recommendations of the Council.

Analysis and Updates

Introduction

This section empowers the government to waive penalty for certain class of taxpayers or under certain circumstances.

Analysis

This section provides for waiver of penalty leviable under section 122 or section 123 or section 125 or late fee payable under section 47 to those class of taxpayers or under such mitigating factors as notified by the Government.

As per Notification No 28/2017 and 50/2017, the Central Government, on the recommendations of the Council, hereby waives the late fee payable under section 47 of the said Act, for all registered persons who failed to furnish the return in FORM GSTR-3B for the month of July, 2017, Aug 2017 and Sept 2017 by the due date.

As per Notification No 64/2017, the Central Government, on the recommendations of the Council, hereby waives the amount of late fee payable by any registered person for failure to furnish the return in FORM GSTR-3B for the month of October, 2017 onwards by the due date under section 47 of the said Act, which is in excess of an amount of twenty-five rupees for every day during which such failure continues.

Provided that where the total amount of central tax payable in the said return is nil, the amount of late fee payable by such registered person for failure to furnish the said return for the month of October, 2017 onwards by the due date under section 47 of the said Act shall stand waived to the extent which is in excess of an amount of ten rupees for every day during which such failure continues

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