Section 47 of CGST Act, 2017 -Levy of late fee
Section 47 of CGST Act,2017 from bare act : –
(1) Any registered person who fails to furnish the details of outward or inward supplies required under section 37 or section 38 or returns required under section 39 or section 45 by the due date shall pay a late fee of one hundred rupees for every day during which such failure continues subject to a maximum amount of five thousand rupees.
(2) Any registered person who fails to furnish the return required under section 44 by the due date shall be liable to pay a late fee of one hundred rupees for every day during which such failure continues subject to a maximum of an amount calculated at a quarter per cent of his turnover in the State or Union territory.
Chapter IX of the CGST Act,2017 covers twelve sections relating to RETURN Sunder GST. All these sections from the CGST Act,2017 are available for your ready reference.
Section 37: Furnishing details of outward supplies
Section 38: Furnishing details of inward supplies
Section 39: Furnishing of returns
Section 40: First return
Section 41: Claim of input tax credit and provisional acceptance thereof
Section 42: Matching,reversal and reclaim of input tax credit
Section 43: Matching, reversal and reclaim of reduction in output tax liability
Section 44: Annual return
Section 45: Final return
Section 46: Notice to return defaulters
Section 47: Levy of late fee
Section 48: Goods and services tax practitioners