Are there any penalty of late filling for Sales & Services?

By | August 29, 2023

Late filing penalties

Late Filing Penalties

Yes, there are penalties for late filing of Sales and Services returns under the Goods and Services Tax (GST) in India.

The penalties are as follows:

1. Late filing fee:

A late filing fee of Rs. 100 per day is charged for each day of delay, per act, per return. The maximum late filing fee is Rs. 5,000.

2. Interest:

Interest is charged at 18% per annum on the tax due from the next day of the due date of filing to the date of actual filing.

3. Penalty:

A penalty of 1% of the tax due or Rs. 10,000, whichever is higher, is charged for every month of delay, subject to a maximum of 20% of the tax due.

In addition to these penalties, the taxpayer may also be liable for prosecution under the GST Act.

Here are some tips to avoid late filing penalties:

File your returns on time.

Set up reminders in your calendar to help you stay on track.

Use a GST software to help you file your returns accurately and on time.

To visit: https://www.incometax.gov.in

 

For further details access our website: https://vibrantfinserv.com

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