How Do I Avoid Late Fees On GST?

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%..

Is late fee waived for Gstr 4?

CBIC notifies waiver of late filing fee for GSTR-4 and GSTR-10 subject to conditions. … 250 shall stand fully waived where tax payable is NIL for persons who failed to furnish GSTR-4 for quarters July 2017 to March 2020 by due date but furnish said return between September 22, 2020 to October 31, 2020; E…

Can you go to jail for filing taxes late?

So late filing penalties are much higher than late payment penalties. The IRS will not put you in jail for not being able to pay your taxes if you file your return.

Is Gstr 3b late fee waived?

b) If the GST liability is not Nil, and the GSTR-3B return is filed between 1st July, 2020 and 30th September, 2020, then the amount of late fees stand waived in excess of Rs.250* under the CGST Act. *Rs.500 will be the total amount payable, Rs.250 under CGST and Rs.250 under SGST.

What is the penalty for GST late payment?

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 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.

How much is the late fee for Gstr 1?

e. Late Fees for not filing GSTR-1 is Rs. 200 per day of delay (Rs. 100 as per CGST Act and Rs. 100 as per SGST Act.

Is GST charged on penalty?

A statutory fine or penalty is not subject to GST as there is no supply made in relation to the payment.

What happens if taxes are late?

The penalty is 5% of your unpaid taxes for each month your tax return is late, up to five months. If you file more than 60 days late, you’ll pay whatever is less: a minimum of 100% of the taxes you owe or “a specific dollar amount that is adjusted annually for inflation,” explains the IRS.

Can GST late fees be waived?

The Central Board of Indirect Taxes and Customs (CBIC) has notified waiver of late free, capping of late fee at Rs 500 in some cases, interest payable on late payments and extension of due dates for businesses to file goods and service tax (GST) returns for the Covid-19 impacted period, till October.

How do I check my GST penalty?

How to track GST payment status online?Go to the GST Portal. To track payment you don’t have to login. … Enter in your GSTIN and the CPIN. Click Track Status. … Step 3.1.1- Status- ‘PAID’Step 3.1.2. If it is showing as paid then you can download the receipt. … Step 3.2.1 Status- ‘NOT PAID’ … Situation 1. … Situation 2. … Situation 3.

What is the maximum late fee for Gstr 3b?

Rs 500In a major relief to the taxpayers, the government has capped that maximum late fee on GSTR-3B returns at Rs 500.

Can we file Gstr 3b without payment of tax?

Composition Dealers are not required to file GSTR-3B. They will be required to file quarterly return only. If there is any tax payable then payment of such tax is mandatory for the filing of form GSTR-3B. In other words, GSTR-3B return cannot be filed without full payment of the tax due.

How do I calculate my GST late fee?

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. Late fees for GSTR-10 is Rs. 200 (Rs. 100 for CGST and Rs. 100 for SGST) per day.