Amendment to Section 62: Valid Return Period Extended to 60 Days, With Additional 60 Days for Late Submission.
Section 62 of the Central Goods and Services Tax Act has been amended by the Finance Act, 2023. The amendment extends the period for furnishing a valid return from thirty days to sixty days following the service of an assessment order. Additionally, if a registered person fails to submit the return within this period, they may do so within an additional sixty days by paying a late fee of one hundred rupees per day. If the return is filed within this extended period, the assessment order is withdrawn, but the obligation to pay interest and late fees remains.