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