Non-furnishing of GSTR3B for 6 months can lead to cancellation of registration: In the case of composition dealer, Return of the financial year not filed beyond 3 months from the due date. In the case of a normal taxpayer, such period as may be prescribed (continuous period of 6 months...
To opt into the scheme, the business must file form GST CMP – 02 with the government, using the onlineGSTN portal. The indication to remain in the scheme must be made before every financial year (FY). For the FY 2019-20, the last date to apply for the composition scheme is March 3...
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...
Composition Scheme rates: 1% to 6% depending on business type (e.g., small manufacturers: 1%, restaurants (not serving alcohol): 5%) Understanding these rates helps businesses comply with tax regulations and allows consumers to be aware of the taxes they are paying on goods and services. As ...
GST Payment: Due Dates, Late Fees & Interest Read More→ GST on Interest on Delayed Payment by Customer Read More→ How to Claim Tax Refund under GST Read More→ Time, Place & Value of Supply Under GST, the existing system of levy of tax on manufacture, provision of taxable services, ...
2. Composition Scheme GST Registration The composition scheme for GST registration is designed for small businesses or taxpayers with a turnover of less than Rs. 1.5 crore. This scheme simplifies compliance with minimal paperwork and fewer GST returns to file. Additionally, it allows businesses to ...
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 ...
Composition Scheme 18th Day of the Month Following the Quarter Non-Resident Taxpayer 13th Day of the Next Month Input Service Distributor 13th Day of the Next Month TDS Deductor 10th Day of the Next Month TCS Collector 10th Day of the Next Month Interest on Late Payment of GST Late payment...
The defaulter has 15 days from receiving a GSTR-3A notification to file the return and pay any applicable fines and late fees. To whom must GSTR-4 be submitted? If a taxpayer selects the composition plan, they are required to submit GSTR-4. ...
The late fees for GSTR 9 are Rs 100 per day, per act, means late fees of Rs 100 under CGST and Rs 100 under SGST will be applicable in case of delay. Thus, the total liability is Rs 200 per day of default Reply Durgesh Prasad Mishra November 19, 2023 at 7:37 am GST return ...