WebAug 24, 2024 · Similar to a late fee waiver, interest on delayed filing and payment of tax is not applicable. However, this interest waiver comes with the condition. Let’s understand … Web3 hours ago · Therefore, because of late filing of GSTR-1 by the suppliers, interest under section 50 of the Act of 2024 are required to be levied to prevent loss of revenue to the State Exchequer.
Penalties Under GST in India – Check Due Date, Late Fees & Interest
WebCurrently, in case of delayed of filing for Nil return of both GSTR 1 and late fee for GSTR 3B, late fees shall be payable @ INR 20 per day (i.e. INR 10 CGST and INR 10 SGST). If taxpayer having tax liability for the particular tax period, then there is penalty for late filing of GSTR-1 & GSTR-3B Conclusion: WebManual filing of GSTR-1 allowed to amend of the reporting errors in GSTR1 in order to entitle ITC to the recipient- M/s Y.B Constructions Pvt Ltd. Vs Union of… finding holes algebraically
GST Nil Return: All about Filing Process & Penalties - GSTHero
WebJan 18, 2024 · In past, the GST department had reduced the late fees from Rs.200 per day of delay to Rs.50 per day, and Rs 20 per day (For NIL return) & waived the same for the period up to June 2024. But as we are moving forward in the GST system, furnishing of GSTR-1 becomes more important for the system to work smoothly, with less complications. WebDec 7, 2024 · GSTR-1 Late Fees Important to Revisit Minutes of '42nd Council Meeting' 1 ... GSTR 1 and GSTR 3B are part of one consolidated return filing system. And Late fees should only be levied on GSTR 3B. Government did a mistake by allowing taxpayers to file GSTR 3B without making it compulsory to file GSTR 1 of same period. Taxpayers also … WebUnder the GST Amnesty Scheme, Mr A can file NIL GST return in Form GSTR-3B for the period January 2024 to April 2024 with payment of a reduced late fee of INR 500 per return. However, Mr A will have to file all the pending return within the period starting from 1 st June 2024 to 31 st August 2024. finding holes in a graph calculator