Guide to .. Tax Management ,Tax Planning and Tax Saving

 

 

Levy of Late Fee for Not Filing the Return within the prescribed Date [Section 47]

(1) Late Fee for delay in Filing GST Returns other than Annual Return [Section 47(1)] :

Any registered person who fails to furnish—

— the details of outward or inward supplies required under section 37 or section 38 or

— monthly/quarterly returns required under section 39 or

— final return on cancellation under section 45

by the due date shall pay a late fee of Rs. 100 for every day during which such failure continues subject to a maximum amount of Rs. 5,000.

However, as per Notification No. 4/2018-CT dated 23.01.2018, late fee payable by any registered person for failure to furnish the details of outward supplies for any month/quarter in FORM GSTR-1 by the due date under section 47 of the said Act, which is in excess of an amount of Rs. 25 has been waived.

Provided that where there are no outward supplies in any month/quarter, the amount of late fee payable by such registered person for failure to furnish the said details by the due date under section 47 of the said Act shall stand waived to the extent which is in excess of an amount of Rs. 10 for every day during which such failure continues.

(Similar amount of waiver has been provided for late filing of FORM GSTR-4, FORM GSTR-5 and FORM (STR-6)

(2) Late Fee for Delay  in Filing GST Annual Return [Section 47(2)] :

Any registered person who fails to furnish the return required under section 44 (i.e. annual return) by the due date shall be liable to pay a late fee of Rs. 100 for every day during which such failure continues subject to a maximum of an amount calculated @ 0.25% of his turnover in the State or Union territory.

 
Annual GST Return [Section 44] GST - Ready Reckoner in India List of GST Returns / Statements to be furnished by Registered Persons
 

You may also like ...

 

TallyPrime Book @ Rs.600
Tally.ERP9 Book @ Rs.550

| About Us | Privacy Policy | Disclaimer | Sitemap |
© 2022 : IncomeTaxManagement.Com