If you are looking forward to file GST returns and wondering about on which dates you required to file your returns, read the entire article to resolved your doubts.
If you have registered under GST then you should be well versed with applicability of GST Returns to you and due dates of the same.
GST Return Forms & Due Dates
The taxpayer mandatorily requires to file GST returns on time-to-time basis as per his applicability.
Interest and Late Fees
If you are registered under GST then mandatorily you liable to file applicable returns on a timely basis. Even if there is no transaction you are liable to file Nil Return.
If you failed to file GST returns on or before due dates then you will face below penalties such as;
Interest is 18% per annum. It should calculated on the amount of outstanding tax to be paid. The time period will be from the next day of filing due date till the actual date of payment.
- As per the provisions of GST Act late fee is Rs. 100 per day per Act which means Rs 100 under CGST Act and Rs 100 under SGST Act. Total will be Rs. 200 per day. The maximum penalty would be Rs. 5,000 only. In case of IGST, there is no any late fee charges.
If you are registered under GST then make sure that you are complying with all the provisions of GST Act and in case you fail to do so, will be liable to pay the penalty for such contravention.
In case your business gets dissolved, don’t forget to apply for the cancellation of registration within 3 months and even if there is no transaction keep filing Nil Return, this will save you from unwanted circumstances.