Notification No.: 43/2020 – Central Tax
Date of Notification: 16th May 2020
Relevant Sections and Rules:
- Finance Act, 2020 (12 of 2020):
- Section 128 – Pertains to amendment in GST law relating to waiver of late fee (by amending Section 125 of Finance Act, 2019)
- Central GST Act, 2017:
- Indirect Reference via Finance Act provisions
- Enabling provisions concerning late fee waivers and retrospective amendments
Summary of Notification
Enforcement of Section 128 of Finance Act, 2020 (Late Fee Waiver):
This notification brings into force Section 128 of the Finance Act, 2020, with effect from 18th May 2020.
📌 Effect of Section 128:
It amends Section 125 of the Finance Act, 2019 to waive late fees for non-filing of returns under Section 47 of the CGST Act, 2017 for the period July 2017 to February 2020, if returns are filed between 1st July 2020 and 30th September 2020 (subsequently notified in later notifications).
This lays the legal groundwork for retrospective relief from late fees for GSTR-3B non-filers, addressing industry demands during the COVID-19 crisis.