No, registered person will still be liable for interest under section 50(1) and late fee under Section 47 of CGST Act.
(ICAI FAQ PUBLICATIONS 06-09-2017 ASSESSMENT OF NON FILERS OF RETURNS: FAQ NO. 19)
Is there any additional opportunity provided for taxable person to submit a return even after passing an assessment order under Sec 62(1)
Yes, if the registered person furnishes a valid return within thirty days from the date of service of best judgment assessment order under Section 62 (1), the said assessment order shall be deemed to have been withdrawn.
(ICAI FAQ PUBLICATIONS 06-09-2017 ASSESSMENT OF NON -FILERS OF RETURNS: FAQ NO. 18)
Whether, The CGST Act, 2017 provides for assessment in case of taxable person who does not furnish returns under Section 39 and 45
In terms of Section 62(1) of the CGST Act, 2017, the proper officer is empowered to assess the tax liability on such registered person to the best of his judgment taking into account all the relevant materials which is available or which is gathered and issue an assessment order in FORM GST ASMT-13 within a period of five years from the date specified under Section 44 for furnishing of the annual return for the financial year to which the tax not paid relates.
(ICAI FAQ PUBLICATIONS 06-90-2107 ASSESSMENT OF NON-FILERS OF RETURNS: FAQ NO. 17)