• Skip to main content
  • Skip to primary sidebar
  • Skip to footer

Your Finance Book

Income Tax | Investing | Stock Market

  • Stocks
    • 10 reasons why share prices decline in the stock market
    • What to look for in growth investing strategy for better return
    • 10 things you must understand before buying stocks
    • Speculating Vs Investing Vs Saving
    • 5 Risk free tax saving investments
    • A beginner’s guide to understand stock’s value – Explained with examples
    • Mutual Fund Basics
  • GST
    • GST registration in India – all you need to know
    • Tax invoice in GST-A complete beginner’s guide for taxpayers
    • Input tax credit in GST – A beginners guide to claim ITC
    • What is inter-state supply of goods and/or services under GST
    • What is intra-state supply of goods and/or services under GST
  • Income tax
  • Tax Rates
  • ITR Due dates

Late fee levied for delay in furnishing GST return

Last Modified on April 6, 2020 by CA Bigyan Kumar Mishra

A registered person who fails to furnish following GST return by the due date shall pay a late fee.

  • Statement of outward supplies U/S 37
  • Returns for inward supplies U/S 38 
  • Monthly summary return in form GSTR-3B – U/S 39
  • Details of the supplies made by composition dealers – U/S 39(2)
  • Final return U/S 45

In above cases, late fee should be the least of followings;

  • Rs 25 for every day during which such failure continues, each under CGST /SGST. In case of NIL return its Rs 10 per day,
  • Rs 5000

This means for a delay of 2 days of filing, you need to find out the month for which you are liable to pay late fee. If for that month, return is NIL, then late fee has to be calculated Rs 10 under CGST and Rs 10 under SGST for 2 days, which comes to Rs 40 (Rs 10*2 under CGST Act +Rs 10*2 under SGST Act). In this case, Rs 20 as a late fee will go to the center and Rs 20 to the state government. 

In case of default in failure to file annual return U/S 44 by the due date of filing, the registered person shall be liable to pay late fee which is the least of the following;

  • Rs 100 for every day during which such failure continues;
  • 0.25% of the turnover of registered person in the state or union territory

Turnover in state or union territory means the aggregate value of all taxable supplies and exempt supplies made within a state or union territory by a taxable person, export of goods or services or both and interstate supplies of goods or services or both made from the state or union territory by the said taxable person but excludes central tax, state tax,union territory tax, integrated tax and cess. However, it excludes the value of inward supplies on which tax is payable by a person on reverse charge basis.

Notice for delay in filing GST return

As per GST law, if a registered person has failed to furnish return U/S 39, 44 and 45, a notice shall be issued requiring him to furnish such return within 15 days in form GSTR-3A. Notice will be asking taxpayers to file all such returns within 15 days from the date of serving of notice.

After serving notice, if the registered person has failed to furnish return then, the proper officer can proceed with making a best judgement assessment on the basis of information available with or granted by him. 

Best judgement assessment shall be done within 5 years from the due date prescribed for filing annual return under section 44 of CGST Act, 2017 for that particular year. 

However, if the registered person has furnished return within 30 days from the date of serving the best judgement assessment order, then such order shall be stand withdrawn but the liability to pay interest for delay in payment and late fee for delay in furnishing returns would continue.

Share this:

  • Click to share on Twitter (Opens in new window)
  • Click to share on Facebook (Opens in new window)

Filed Under: GST - Goods and Services Tax

About the Author

CA Bigyan Kumar Mishra is a fellow member of the Institute of Chartered Accountants of India. He writes about personal finance, income tax, goods and services tax (GST), company law and other topics on finance. Follow him on facebook or instagram or twitter.

Primary Sidebar

Financial Ratios

  • Accounting tools you can use to choose a winning stocks
  • What are the tools and techniques used in financial statements analysis
  • Can Price to earnings – P/E ratio be used for stock investing
  • Why Price earnings to growth – PEG is used by investors
  • How Earnings per Share or EPS can help you
  • How to use debt to equity – D/E ratio
  • What is Interest coverage ratio

Don’t see a topic? Search our entire website:

Email Newsletter

Sign up to receive email updates daily and to hear what's going on with us!

Privacy Policy

Popular Posts

  • How to protect yourself from stock market frauds and scams
  • Income tax rates for Financial Year 2021-22 and 2022-23
  • How to decide which strategy is right for you in stock investing
  • Stock market basics – A complete guide for beginners
  • How to get tax deductions on Life Insurance Premium – Section 80C
  • Why to use Japanese candlestick charting for trading and investing
  • 10 most commonly used stock market jargons you must know
  • How tax is deducted from Salary – 192
  • Tax to be deducted on Professional Fees – 194J
  • TDS On Rent – 194I
  • Things to remember while buying stocks on margin
  • Top 20 reasons why income tax PAN is a must for Indians

Footer

Trending Now

  • What to look for in the financial statements before investing in stocks
  • How to manage fund while investing in stocks
  • A beginner’s guide to mutual fund investing
  • Why share prices move up and down in stock market
  • Price Action trading – How candlestick helps to read mass psychology

Stay In Touch With Us

  • Twitter
  • Facebook

SITE LINKS

  • About Us
  • Contact Us
  • Terms and Conditions
  • Disclaimer
  • Privacy Policy
  • Finance

Legal Disclaimer

The information available through this Site is provided solely for informational purposes on an “as is” basis at user’s sole risk. The information is not meant to be, and should not be construed as advice or used for investment purposes. Yourfinancebook.com does not provide tax, investment or financial services and advice. We make no guarantees … Continue Reading... about Disclaimer

Copyright © 2021 yourfinancebook.com · All Rights Reserved.