The Government of India implemented the Goods and Services Tax from the midnight of 1st July 2017 and it is the most revolutionary tax reform in India in recent years Under GST regime, it is mandatory for any business to file GST returns every month. All manufacturers and service providers who hold a GST registration number must file GST returns even during days of business inactivity.
GST returns includes the summary of details about sales, tax liability on outputs and tax credits on inputs, if available. Since for most businesses, there are several returns to be filed every month, we from Sabari & Co., will assist you in your GST filing process by providing timely and accurate GST Consultation Service in Chennai.
Consequences of Non-filing of GST Returns
If the GST is not filed within the stipulated time, the GST Number (GSTIN) attracts a late fee and an interest. The interest is fixed at 18% per annum, right now. The interest amount is to be calculated by assessing the amount of tax to be paid. The time period for interest calculation is between the date of GST filing (the previous month) and the date of payment (current date). The Late fee is fixed at ₹ 25 for CGST and SGST, separately. Hence, the total late fee accrues to ₹ 50, with a maximum limit of ₹5000.
However, the late fee is not applicable for Integrated Goods and Service Tax (IGST)
