What If GST Return Not Filed For 6 Months?

Is GST penalty waived off?

The Central Board of Indirect Taxes and Customs (CBIC) has notified waiver of late free, capping of late fee at Rs 500 in some cases, interest payable on late payments and extension of due dates for businesses to file goods and service tax (GST) returns for the Covid-19 impacted period, till October..

How is GST penalty and interest calculated?

The delay in number of days for filing is 10 days (01/03/2020 – 20/02/2020).If Ram has Sales in Jan, then the penalty will be 10 days * Rs 50 =Rs 500.If Ram don’t have any Sales in Jan, then the penalty will be 10 days* Rs 20= Rs 200.

What if GST NO is Cancelled?

Procedure. A registered person can submit an application for revocation of cancellation, in FORM GST REG-21, if his registration has been cancelled suo moto by the proper officer.

How many times is the nil GST return acceptable?

Every Taxpayer who has applied for quarterly return has to pay tax on monthly basis in form of GSTR-3B. For Nil Return when user has no purchase, no sales, no ITC to avail in any quarter of the Financial Year shall file one Nil return for every quarter.

Is it mandatory to file GST return every month?

Every registered person paying GST is required to furnish an electronic return every calendar month. A “Tax Return” is a document that showcases the income of a registered taxpayer. Such a document needs to be filed with the tax authorities in order to pay tax to the government.

Can we file GST return after cancellation?

Ans: Please note that, when GST is cancelled then you have to file GST Final Return within 3 months of GST Cancellation, in which you have to provide detail of Stock in hand and input availed on that and has to pay GST Liability before filing of final return.

Is GST late fee allowed as expense?

Late fee is not paid for a purpose which is an offence or prohibited. … Hence, it will be allowed under Section 37 as it is is not an offence or prohibited under any law. Therefore, late fees paid for delay in filing GST returns will be allowed as a deduction under Income Tax.

How are GST penalties calculated?

How to deposit Late fees with GovernmentAll returns except Annual Returns: Rs. 200 per day (Rs. 100 CGST + Rs. 100 SGST) of default up to a maximum of Rs 5,000.Annual Returns: Rs. 200 per day (Rs. 100 CGST + Rs. 100 SGST) of default up to a maximum of 0.25% of Turnover.

How can I avoid paying GST late fees?

It means that the maximum late fees that can be charged by the government, in any situation, are Rs 5,000 each return that is filed under each Act. The legislation has set a maximum late Rs 5,000 fee….Amount of Late fees applicable.Name of the ActReduced Late fees for every day of delayTotal Late fees to be paidRs 502 more rows

Is it compulsory to file nil GST return?

Hence, even if there were no invoices issued during a month, the taxable person must submit a NIL GST Return before the deadline. In case a NIL Return is not filed on time, a penalty of Rs. 100 per day is applicable, of late filing. In short, as a taxpayer, you need to file a NIL return.

Is Gstr 3b compulsory for nil return?

Filing GSTR-3B is mandatory even for Nil returns. Late Fee for filing GSTR-3B after the due date is as follows: Reconciliation of GSTR-1 with GSTR-3B is needed to: Rs.

What if GST return not filed?

If you don’t file any GST return then subsequent returns cannot be filed. For example, if GSTR-2 return of August is not filed then the next return GSTR-3 and subsequent returns of September cannot be filed. Hence, late filing of GST return will have a cascading effect leading to heavy fines and penalty (see below).