Penalty for filing late returns.
In
case, a taxpayer fails to furnish the details relating to outward supplies, a
penalty is charged for the same. The fine amounts to a sum of Rs 200 (Rs 100
for CGST and Rs 100 for SGST) for each day of continuing default. This is
subject to a maximum of Rs 5,000 only. However, there is no late fee for IGST.
Also, interest is charged at 18% per annum. This interest is calculated by the
registered taxpayer on the amount of tax liability outstanding. Furthermore,
the interest is calculated from the day succeeding the due date for filing the
GST return until the date of payment of tax by the taxpayer.
Related Articles
Penalty for Late Filing of GST Return
What is GST Return Form? GST Return Form is a document containing details of all purchases, sales, output GST (on sales) and input tax credit (GST paid on purchases) to calculate an assessee’s GST liability for a particular tax period. Currently GST ...
Calculation of GST Annual Return Late Fee?
The Goods and Services Tax (GST), introduced in 2017 as a completely new taxation regime, has undergone several amendments since its launch. These amendments have often caused confusion among taxpayers, leading to multiple extensions of deadlines for ...
GST Returns filing in India
Goods and Services Tax (GST) is a unified indirect tax regime implemented in India on July 1, 2017. It replaced multiple indirect taxes, such as excise duty, service tax, and value-added tax (VAT). GST transformed the Indian tax system by ...
What are the Returns & Compliances under GST?
What is GST Return? GST return is an official document that furnishes all the purchases, sales, tax paid on purchases, and tax collected on sales-related details. The GST returns is required to be filed, following which the taxpayer has to pay off ...
How to file Amendments in GST Returns?
The GST Council has introduced a new return filing system with one main return FORM GST RET-1 and two Annexures. In FORM GST ANX-1, a taxpayer has to report details of all outward supplies, inward supplies on a reverse charge basis and import of ...