Late fee waiver for delayed annual GST returns limits recoverable penalty per class and sets retrospective effective date. The notification prescribes a waiver of statutory late fee for delayed annual return filing by defining two turnover-based classes of registered persons with distinct per-day late fee rates and a common maximum cap tied to in-state turnover; it also grants a transitional waiver for returns of certain earlier financial years filed within a specified window, eliminating late fee liability to the extent it exceeds a fixed threshold, and is made effective retrospectively from the stated effective date.