GST Notification 08/2023-Central Tax dated 31-Mar-2023: The late fee over Rs.1,000 per return is waived GST Notification 09/2023-Central Tax dated 31-Mar-2023: Extension of limitation under Section 168A of CGST Act GST Year-End Checklist: 13 Tasks To Be Completed There are certain tasks...
The late fee is Rs.100 per day for CGST and SGST, for a total of Rs.200. However, the maximum late fee is Rs.5,000/—, while IGST has no late fee. 2. Penalty for not filing GSTR A penalty of 10% of the tax due or Rs.10,000/- (whichever is higher). 3. Penalty for co...
Penalty for delay in filing GST returns Late fee is Rs 100 per day under the CGST Act & Rs 100 under the SGST Act. So, a total penalty of Rs 200/day will apply up to a maximum of Rs 5,000. Penalty for opting for composition scheme even though the business is not eligible In cas...
The Rajasthan government has shared the guidelines for reimbursement of late fee payable deposit under section 47. Read Order 08th March 2023 GSTN has enabled the new option of using the cash ledger balance of one GSTIN (an entity with the same PAN) to fund another GSTIN through tax form ...
Opting out of Composition Scheme on crossing the threshold of composition scheme Late fees in case of following a. GSTR 10 – Final Return (in case of cancellation of registration) b. Delay in filing annual return for FY 17-18 and older period returns Liability of Partner of firm to pay ...
Accordingly, the late fee in the case of GSTR-7A shall also be waived off. #8. Beneficiaries of fake ITC liable for a huge penalty These days, the problem of claiming fake ITC is causing huge trouble. In order to take strict action against the same, the government has proposed to pena...
TCS Rate Reduction:Lowered to 0.5% (0.25% CGST/SGST). Mandatory Filings: GSTR-7:Mandatory filing even with no TDS, no late fee for nil filing. GSTR-9/9A Exemption:Exempt for taxpayers with turnover up to Rs.2 crore for FY 2023-24. ...
The late fee is extended to a maximum amount of 0.25% of the turnover each under CGST & SGST Acts. Hence, it is advised to timely fulfil the annual GST return filing to avoid the late fee. If you need any sort of assistance regarding GST registration or GST return filing procedur...
The ITC Ledger for taxpayers enables them to see the Input Tax Credit as self-assessed on monthly basis. However, one must note that this ledger can also be used for payment of tax only and it should not be used for payment of interest, fine, late fee, and so on. All the taxpayers...
GST Returns should be filed within the timeframe mentioned to avoid any late fees. A rate of 18% per annum is charged as a late fee. The taxpayer must calculate it based on the amount of tax that still needs to be paid. The time period considered will be from the next day of filing...