Goods and Services Tax return filing has to be done every month/quarter by a registered taxpayer. This is a record of Outward and Inward supply done during the month/quarter, and tax paid/payable by the Supplier. Besides this, the taxpayer also needs to file Annual Returns.
GST is applicable to all business owners, small or big and even those with zero returns. Missing the GST return deadline will result in penalties and additional interest. Do note that the penalties are subject to change as per the CGST Act and official notifications circulated by the Central Board of Indirect Taxes and Customs (CBIC). Here’s what a defaulter can expect for not GST return filing in India on time.
INR 100 per day as per Central Goods and Services Act, 2017 and INR 100 as per State Goods and Services Act, 2017 or Union Territory Goods and Services Act, 2017, bringing the total penalty to INR 200 per day.
Reminder: For yearly or monthly filing of GST return, the maximum penalty cannot be more than INR 5000. Also, the late fee for missing deadline for filing of — annual— GSTR-9 cannot exceed 0.25% of the annual turnover.
Missing IGST return deadline results in a penalty, which is a sum total of penalties stipulated by CGST and SGST or UTGST Acts. In other words, the total penalty is INR 200 per day.
Reminder: For yearly or monthly filing of IGST return, the maximum penalty cannot exceed INR 10,000 for each filing. Also, the late fee for missing deadline for filing of — annual— GSTR-9 cannot exceed 0.25% of the annual turnover.
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