Deepak Gupta | Dec 11, 2018 |
GSTR 1 late fees to be levied : Please File your Returns on Time
Non-furnishing of FORM GSTR 1 is liable to late fee and penalty as per the provisions of the GST law. In order to encourage taxpayers to furnish FORM GSTR 1, a one-time scheme to waive off late fee payable for delayed furnishing of FORM GSTR 1 was introduced by the government.
This scheme was active for GSTR 1 for the period from July, 2017 to September, 2018 that is upto 31st October 2018.
GSTR 1 penalty will be levied now for the tax Payers who are Filing GSTR 1 after 31st October 2018. So This means now Late Filing Penalty of GSTR 3B as well as GSTR 1 will be levied on Taxpayers.
Taxpayers are here by requested to File there returns on time so as to avoid heavy penalty.
Penalty on Late Filing of GSTR 1 : Notification Number 4/2018 Central Tax New Delhi, the 23rd January, 2018 read with relevant notifications of State Tax Act.
| Particulars | Late Fees |
| Normal Return | Rs. 50 per day of Delay (Rs 25 for CGST + Rs 25 for SGST) |
| Nill Return | Rs. 20 per day of Delay (Rs 10 for CGST + Rs 10 for SGST) |
Note that the maximum late fees that can be charged cannot exceed Rs 10,000 (Rs 5000 for CGST + Rs 5000 for SGST)
| Kindly note that as per the announcement made in 31st GST Council Meeting Government has Waived Late Fees on GSTR3B, GSTR-1 & GSTR-4. Official Notification in this Regards has been issued by the CBIC on 31st December 2018. The amount of late fee payable under section 47 of the said Act shall stand waived for the registered persons who failed to furnish the return in FORM GSTR3B, GSTR-4 & GSTR-1,from July, 2017 to September, 2018 by the due date but furnishes the said return between the period from 22nd December, 2018 to 31st March, 2019. |
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