December 17, 2021

We are all aware off our income tax returns, but that is not the only returns that we should be concerned with. To give you a picture, here are the different types of returns:

Late Filing

Return filing is mandatory under GST. Even if there is no transaction, you must file a Nil return.

  • You cannot file return of current month if you don’t file previous month/quarter’s return.

  • Hence, late filing of GST return will have a cascading effect leading to heavy fines and penalty.

Late fee & Interest

  • Interest is 18% per annum. It has to be calculated by the taxpayer on the amount of outstanding tax to be paid. Time period will be from the next day of filing to the date of payment.

  • As per GST Act Late fee is Rs. 100 per day per Act. So it is 100 under CGST & 100 under SGST. Total will be Rs. 200/day. Maximum is Rs. 5,000. There is no late fee on IGST.

  • Late fees for GSTR-3B of July, Aug and Sept waived. Any late fees paid for these months will be credited back to Electronic Cash Ledger under ‘Tax’ and can be utilized to make GST payments.

  • Late Fee for filing GSTR-3B after the due date is as follows:

    • INR. 50 per day of delay

    • INR. 20 per day of delay for taxpayers having nil tax liability for the month.

  • Late Fee for filing GSTR-4 has also been reduced to Rs 50 per day of default

So, those were the different types of returns. For more information, please feel free to get in touch with us.

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