The Goods and Services Tax (GST) is a vital element of business operations in India. Ensuring accurate and timely filing of your GST returns is crucial to maintain smooth business flow and avoid penalties. Let’s walk through the key aspects of GST filing together.
Penalties for Late Filing:
Missing GST filing deadlines can lead to penalties, including:
- Late Fee: A late fee for delayed filing of returns varies from Rs. 10 per day to Rs. 200 per day for CGST and SGST each (subject to a maximum cap).
- Interest on Late Payment: Interest at 18% per annum on the unpaid tax liability from the due date until the actual payment date.
Remember:
Consistent late filing may result in the cancellation of GST registration.
Stay Compliant, Avoid Issues:
By understanding deadlines, following filing procedures, and sticking to payment schedules, you ensure GST compliance. This helps avoid penalties, interest charges, and operational disruptions.
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