What are the consequences of not filing the GST return within the prescribed date?

A prescribed late fees will be charged for each day of delay, when a GST registered business misses filing GST returns within the prescribed due dates*. The late fee should be paid in cash and the taxpayer cannot use the Input Tax Credit (ITC) available in electronic credit ledger for payment of late fee.

What is the late filing penalty for GST?

You must file your tax return on time. If you owe money and do not file your return on time, you will be charged a late-filing penalty. This penalty is currently 5\% of the outstanding balance owing, plus 1\% for each full month that your return is late, up to a maximum of 12 months.

What is the time limit for goods return under GST?

As per the provision of section 34(2) of CGST Act,2017 time limit to issue Credit note is as under: “A supplier can issue a credit note against a Tax Invoice on or before 30th September of the next financial year or the date of filing of annual return pertaining to the Tax Invoice, whichever is earlier.”

Is it necessary to file GST return?

Return filing is mandatory under GST. Even if there is no transaction, you must file a Nil return. There are few points to note: You cannot file a return if you do not file the previous month/quarter’s return.

Is GST return filing mandatory?

Do you get fined for late tax return?

The penalty is $222 for every 28-day period or part thereof that the returns remain outstanding up to a maximum of $1,110: 1-28 Days Past Deadline = $222. 28-56 Days = $444.

Can we return goods after 6 months?

Section 34(2) of the CGST act says that any registered dealer can issue a credit note in relation to supply of goods or services up to a period of six months from the end of the financial year or the date of filing the annual return, whichever is earlier.

Can goods returned after 6 months in GST?

When the unregistered buyer returns the goods then the seller of such goods will be allowed refund of tax paid originally if ALL the following conditions are satisfied: The goods were sold maximum 6 months before 1st July 2017 AND. They were returned within 6 months from 1st July 2017 AND.

What happens when GST is suspended?

Effect of suspension of GST registration Cannot make any taxable supply after suspension. Is not required to file any returns as required under section 39 of the Central Goods and Service Tax Act, 2017. Reduction in compliance burden is the main benefit enjoyed by the taxpayer until the suspension of GST registration.

What are the consequences of non filing of GST returns?

Consequences of non-filing of GST returns 1 Prescribe guidelines for non-filing of GST Returns. 2 Penalty for late filing of GST returns. 3 Penalty for not filing of GST returns. 4 Cancellation of Registration. 5 Confiscation of goods and conveyance. 6 Fine and imprisonment for non filing of GST Return. 7 Conclusion.

What happens if the registered tax payer fails to file gstr-9?

Where registered tax payer is fails to file the Annual Return (GSTR 9, 9A, 9B as applicable) within the prescribed due date, a notice under section 146 of the CGST Act,2017 will be issued seeking to furnsih the return within 15 days from the date of issue of notice.

What are the conditions for cancelling the registration under GST?

The registration under GST can be canceled if: A regular taxpayer has not furnished returns for a consecutive period of 6 months. A composition dealer has not furnished returns for 3 consecutive quarters.

What is gstr-3a notice under GST?

If a person fails to furnish GST returns for more than a month or two, then a GSTR-3A notice could be issued by the GST authorities. On issuing GSTR-3A notice, he/she is given a time of 15 days to regularise GST return filing by paying any penalty which is mentioned on the GST portal.