Quick Answer: What If GST Return Not Filed?

How many times is the nil GST return acceptable?

In general, the businesses are required to file normally three returns in a month and additionally one annual return, summing up to the total of 37 returns under GST..

Can Gstr 3b revised?

It is not possible to revise GSTR-3B once filed. But Government has now allowed to ‘Reset GSTR 3B’ through which the status of ‘Submitted’ will be changed to ‘Yet to be Filed’, and all the details filled in the return will be available for editing.

Can a GST invoice be Cancelled?

If the deal is cancelled in same month and before filing GST return GSTR 1 or GSTR 3B, then you can cancel the invoice but keep cancel invoice on record. … However, if it is accounted in GSTR-1 or GSTR-3B or supply is made against such invoice, then the credit note is required to be issued for such invoice.

What is the penalty for not filing Gstr 10 on time?

Regarding Late fee applicable on FORM GSTR-10, Section 47(1) of the CGST Act states that if a registered person fails to file the required time in the prescribed due time then the person has to pay a late fee of ₹ 100 for each day such failure continues.

What if GST return not filed for 6 months?

According to sources, PK Dash, Chairman, CBIC, expressed his displeasure in the progress of cancellation of registration of non-filers who have not filed GSTR 3B (showing tax payments) returns for six or more than six return periods and are liable to action under GST law.

Can GST return be filed without payment?

Under the GST law, the filing of return without payment of taxes shall not be considered as a valid return. … In other words, unless the supplier has paid the entire self-assessed tax and filed his return and the recipient has filed his return, the ITC of the recipient would not be confirmed.

Can GST late fees be waived off?

Representation on GST Audit, Notices, ITC, Late Fees issues & Solution. It waived late fees only if returns were filed between 01-07-2020 to 30-09-2020. … Many taxpayers could not take the benefit of late fees waiver due to rejection of revocation applications. It is requested to extend the waiver scheme till 31-12-2020.

How are late fees calculated?

To calculate late fees, first decide on the annual interest rate you want to charge, then divide that by 12. Next, multiply that monthly rate by the amount due to arrive at the monthly late fee. Example: You have a 12% late fee on a $10,000 project. Divide 10,000 by 12 and get a monthly interest rate of 1%.

Is it mandatory to file GST return?

Return filing is mandatory under GST. Even if there is no transaction, you must file a Nil return. You cannot file a return if you do not file previous month/quarter’s return. Hence, late filing of GST return will have a cascading effect leading to heavy fines and penalty.

What is the late fee for GST?

Amount of Late fees applicableName of the ActLate fees for every day of delayCentral Goods and Services Act, 2017Rs 25*Respective State Goods and Services Act, 2017 (or) Union territory Goods and Services Act, 2017Rs 25*Total Late fees to be paidRs 50*1 more row•Nov 13, 2020

How do I skip late fee for GST?

Scheme for reduction of Late fee under GST:Such relief is available only for Form GSTR3B.No Late fee in case of Nil return.Scheme applies to all returns pertaining to the period July 2017 to July 2020 when filed between 1st July, 2020 and 30th September, 2020.Maximum late fee is capped at Rs.

How is GST late fee calculated?

Late fees for GSTR-9 and GSTR-9A is Rs. 200 (Rs. 100 for CGST and Rs. 100 for SGST) per day up to a maximum of 0.50% (0.25% for CGST and 0.25% for SGST) of turnover.

Who is liable for payment of GST?

In general, the registered supplier of goods or services will need to pay GST. However, in specified cases like imports and other notified supplies, the liability will lie on the recipient under the reverse charge mechanism.

How do I know if a party has paid GST?

How to track GST payment status online?Go to the GST Portal. To track payment you don’t have to login. … Enter in your GSTIN and the CPIN. Click Track Status. … Step 3.1.1- Status- ‘PAID’Step 3.1.2. If it is showing as paid then you can download the receipt. … Step 3.2.1 Status- ‘NOT PAID’ … Step 3.2.2.

What if Gstr 10 is not filed?

If a taxpayer fails to file final GST Return, then a notice for not filing the final return will be sent to that registered person. Later, the taxpayer would be provided a 15 days period for filing the return along with all the documents.

Is GST leviable on penalty?

Circular no 102/21/2019-GST dated 28th June 2019 Penal interest charged on delayed payment for supply of goods and services will be included in the value of supply and will stand liable for GST. Whereas penal interest charged on the delayed payment of loan repayment will be exempt under GST.

When can the refund be claimed?

A person can claim the refund of the excess tax paid/deducted during a financial year by filing his or her income tax returns for that year. As per the Income Tax Act, a person is required to file his/her return in the relevant assessment year by July 31 (unless deadline extended) to claim the refund.

Can GST return be revised after filing?

GST returns cannot be revised in the present filing system. The mistake made in a return can be rectified in the subsequent return when such mistake comes into notice. An error is found as a result of scrutiny, audit, inspection or enforcement activity by the tax authorities.

What if Gstr 3b filed wrong?

Ans: In case any person wants to amend or revise the GSTR 3B return, it may be done by filing the GSTR 1 and 2 for the same month. In other words, suppose sales has been less reported or excess reported while filing GSTR 3B, the same can be corrected by filing the GSTR 1 (return for outward supplies).

Is it compulsory to file Gstr 10?

GSTR 10 is required to be filed only by the persons whose registration under GST has been cancelled or surrendered. The the regular persons registered under GST are not required to file this return.

Who needs Gstr 10?

The Goods and Services Tax Return 10 is a one time document/statement that has to be filed by a registered taxpayer whenever they cancel their GST registration or at the time of closing down a business (either voluntarily or because of a government order).