Amendment to Section 62 of the Central Goods and Services Tax Act
Section 62 of the Central Goods and Services Tax Act has been amended to extend the time period for a registered person to furnish a valid return. Previously, the time allowed was thirty days, but this has now been increased to sixty days. Additionally, a new provision has been added. If a registered person does not submit a valid return within these sixty days following the service of an assessment order, they can still submit it within an additional sixty-day period. However, this comes with an extra late fee of one hundred rupees for each day of delay beyond the initial sixty days. If the return is filed within this extended period, the assessment order will be considered withdrawn. Despite this, the person will still be liable to pay interest as per sub-section (1) of section 50, and any late fees under section 47 will also remain applicable.
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Amendment of section 62.
148. In section 62 of the Central Goods and Services Tax Act, in sub-section (2),—
(a) for the words "thirty days", the words "sixty days" shall be substituted;
(b) the following proviso shall be inserted, namely:—
"Provided that where the registered person fails to furnish a valid return within sixty days of the service of the assessment order under sub-section (1), he may furnish the same within a further period of sixty days on payment of an additional late fee of one hundred rupees for each day of delay beyond sixty days of the service of the said assessment order and in case he furnishes valid return within such extended period, the said assessment order shall be deemed to have been withdrawn, but the liability to pay interest under sub-section (1) of section 50 or to pay late fee under section 47 shall continue.".
