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What if GST return not filed for 12 months?

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What if GST return not filed for 12 months?

There is no late fee on IGST in case of delayed filing. Along with late fee, interest has to be paid at 18\% per annum. It has to be calculated by the taxpayer on the tax to be paid.

What happens if GST return not filed for 6 months?

Suspension and subsequent cancellation of GST Registration under Section 29(2) – May be initiated after 6 Months of Due date. If a regular taxpayer does not file a return for a continuous period of six months, then the GST Officer may cancel the GST registration of such person.

What happens if GST return is not filed for 3 months?

The concerned officer of GST may cancel the GST registration of the taxpayer, upon failing to file monthly returns continuously for six months. The GST officer can cancel the GST registration of a composition taxable person if the taxpayer fails to file the GST returns continuously for three consecutive tax periods.

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How can I save my GST penalty?

  1. Deduct tax/deduct appropriate tax in case of certain specific person (TDS provisions under GST law) at the rate of one per cent out of the payment to the supplier if the value of supply > 2.50 lacs or.
  2. deposit the tax deducted with the Government.

What is maximum amount of late fee for non filing of GST return?

Late fees for non-annual GST returns 100 under SGST Act. Thus, per day a late fee of INR 200 is applicable. This late fee is accumulated every day till the returns are filed and the late fees have been paid. The total amount cannot gather more than INR 5000.

Can I cancel my GST without filing returns?

Under GST, a taxpayer and a proper officer can initiate the cancellation of GST registration. A taxpayer other than composition taxpayers fails to file returns for six continuous periods. An assessee has taken voluntary GST registration but has not started a business within six months of registration.

Is GST late fee waived?

Ministry of Finance has extended the last date to avail of the late fee amnesty scheme under Goods and Services Act (GST), has now been extended to November 30, 2021. The late fee amnesty scheme refers to reduction or waiver of late fee for not filing Form GSTR-3B for the tax periods from July 2017 to April 2021.

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What is GST late fee?

According to CGST notification 22/2021 dated 1st June 2021, the late fee chargeable for GSTR-7 i.e TDS filing under GST shall be of maximum Rs. 2,000 while late fee per day charged is reduced from Rs.200 to Rs.50 per day of delay, per act, per return.

Is GST late fee allowed as expense?

CONCLUSION: the penalty or fine levied on the assessee is allowed as expenditure under provisions of Section 37(1) only on the basis of their nature, whether such fine or penalty is of compensatory nature or penal nature.

Is there any GST cancellation fees?

The taxpayer will not pay GST anymore if he cancels the GST registration. If an individual is still carrying out business after surrendering the GST registration, it will be an offense under GST, and heavy penalties are applicable. There will be no requirement to furnish any GST return.

What is late fee under GST?

What is Late fee Under GST? When a registered person delays filing his regular GST return before due dates, he will be liable to pay late fee under Section 47 (2) of CGST Act, 2017. The amount of late fee payable depends on the type of return to filed, no of days of delay and due date for filing such return.

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What happens if GST return is not filed on time?

When a registered person delays filing his regular GST return before due dates, he will be liable to pay late fee under Section 47 (2) of CGST Act, 2017. The amount of late fee payable depends on the type of return to filed, no of days of delay and due date for filing such return.

What is the late fee for filing gstr-1 and gstr 3B?

In GSTR-1 and GSTR-3B other than nil filing, maximum late fee is fixed based on annual turnover slab, as follows: If the annual turnover in the previous financial year is upto Rs.1.5 crore then the late fee of maximum Rs 2,000 per return can only be charged (i.e Rs.1000 each for CGST and SGST).

What is the penalty for late GST return filing in Haryana?

Such a fee is subject to a maximum amount of Rs 5,000. Likewise, pertaining to section 47 (1) of the Haryana GST Act, 2017, any registered person who fails to furnish the requisite returns by the prescribed due date shall pay a late fee of Rs 100 for every day during which such failure continues.