Question: How Do I Skip Late Fee For GST?

Is late fee waived for Gstr 3b?

76/2018-State Tax, dated the 3rd September 2019.

Secondly, the average turnover of the assessee of more than Rs 1.5 crores and up to Rs 5 crores in the previous financial year for the taxation period February 2020 and March 2020, the late fee will be waived off if return in Form GSTR-3B..

How are late fees calculated?

To calculate late fees, first decide on the annual interest rate you want to charge, then divide that by 12. Next, multiply that monthly rate by the amount due to arrive at the monthly late fee. Example: You have a 12% late fee on a $10,000 project. Divide 10,000 by 12 and get a monthly interest rate of 1%.

Can we file Gstr 1 after due date?

The CBIC has notified the date of applicability as 8th June 2020, from which nil returns can be filed through SMS. *CBIC notification is due. The late fee waiver for GSTR-1 for the period July 2017 to November 2019, further extended till 17th January 2020 from 10th January 2020.

What if GST return not filed for 6 months?

According to sources, PK Dash, Chairman, CBIC, expressed his displeasure in the progress of cancellation of registration of non-filers who have not filed GSTR 3B (showing tax payments) returns for six or more than six return periods and are liable to action under GST law.

Can we file Gstr 3b without filing Gstr 1?

yes you can file GSTR-1 before filing GSTR-3b but both are mandatory.

What is the penalty for not paying GST on time?

An offender not paying tax or making short payments must pay a penalty of 10% of the tax amount due subject to a minimum of Rs. 10,000. Consider — in case tax has not been paid or a short payment is made, a minimum penalty of Rs 10,000 has to be paid. The maximum penalty is 10% of the tax unpaid.

What is the penalty for late filing GST return?

Penalty on Missing GST Due Date In such cases, where taxpayers do not file their returns within specified due dates mentioned, he is obliged to pay a late fee of Rs. 50/day i.e. Rs. 25 per day in each case of CGST and SGST (in case of any tax liability) and Rs. 20/day i.e. Rs.

How can I waive my GST late fee?

Small taxpayers whose aggregate turnover is up to Rs 5 crore will be provided a waiver of late fees and interest if they file the form GSTR-3B for the supplies affected in months of May, June, and July 2020, by September 30, 2020, the notification added.

Is GST late fee allowed as expense?

In fact, late fees are paid for the purpose of the compliance with the Act. Hence, it will be allowed under Section 37 as it is is not an offence or prohibited under any law. Therefore, late fees paid for delay in filing GST returns will be allowed as a deduction under Income Tax.

Is there any late fee for late filing of Gstr 1?

Late Fees for not filing GSTR-1 is Rs. 200 per day of delay (Rs. 100 as per CGST Act and Rs. … The late fees will be charged from the date after the due date.

How is GST late fee calculated?

Late fees for GSTR-9 and GSTR-9A is Rs. 200 (Rs. 100 for CGST and Rs. 100 for SGST) per day up to a maximum of 0.50% (0.25% for CGST and 0.25% for SGST) of turnover.

What is the maximum late fee for Gstr 3b?

Rs 500 per return”In a major relief to the GST taxpayers, the government has decided to cap the maximum late fee for form GSTR-3B at Rs 500 per return for the tax period July 2017 to July 2020 subject to the condition that such GSTR -3B returns being filed before September 30, 2020,” the CBIC said in a statement.