Question: What If GST Return Not Filed For 6 Months?

Can we file GST return after cancellation?

Ans: Please note that, when GST is cancelled then you have to file GST Final Return within 3 months of GST Cancellation, in which you have to provide detail of Stock in hand and input availed on that and has to pay GST Liability before filing of final return..

What is the maximum penalty for GST?

$200However, the penalty for a particular GST return cannot exceed $200. You are liable to a penalty if you fail to give the Commissioner on time any information (other than information you are required to give in a GST return) on a taxable supply or taxable importation that you are required to give under the GST law.

How many GST return in a year?

37 returnsAn annual GST return is also required. This means a business will have to complete 37 returns per annum in each state where they are trading.

Is GST filing mandatory?

Return filing is mandatory under GST. Even if there is no transaction, you must file a Nil return. You cannot file a return if you do not file previous month/quarter’s return. Hence, late filing of GST return will have a cascading effect leading to heavy fines and penalty.

Is GST annual return compulsory?

Announcing the relaxation in filing of annual returns for MSMEs for FY 2017-18 and FY 2018-19, a statement said waiver of the requirement of filing FORM GSTR-9A for Composition Taxpayers for the said tax periods will be provided. … 2 crore made optional for the said tax periods.

How long can you get away with not paying taxes?

When to Hire Someone to Do Your Taxes The IRS can freeze your bank accounts, garnish your wages, and even put a lien on your house. While the government has up to six years to criminally charge you with failing to file, there’s no time limit on how long the IRS can go after you to collected unpaid taxes.

What if GST return not filed?

If you don’t file any GST return then subsequent returns cannot be filed. For example, if GSTR-2 return of August is not filed then the next return GSTR-3 and subsequent returns of September cannot be filed. Hence, late filing of GST return will have a cascading effect leading to heavy fines and penalty (see below).

How is GST fine 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.

How can I reduce my GST late fees?

Scheme for reduction of Late fee under GST:Such relief is available only for Form GSTR3B.No Late fee in case of Nil return.Scheme applies to all returns pertaining to the period July 2017 to July 2020 when filed between 1st July, 2020 and 30th September, 2020.Maximum late fee is capped at Rs.

Is it mandatory to file GST return every month?

This is the first GST return form every taxpayer is required to furnish 11th of the succeeding month for a given tax period. The GSTR-1 form is documented with outward supplies made by the taxpayers.

What if Gstr 10 is not filed?

If a taxpayer fails to file final GST Return, then a notice for not filing the final return will be sent to that registered person. Later, the taxpayer would be provided a 15 days period for filing the return along with all the documents.

Can you go to jail for not paying GST?

The answer is, no, you can’t go to jail just because you haven’t paid your tax debt. But there are a couple of tax-related issues that could see you in jail.

How are GST penalties calculated?

Penalty on Missing GST Due Date 50/day i.e. Rs. 25 per day in each case of CGST and SGST (in case of any tax liability) and Rs. … 10/- day in each CGST and SGST (in case of Nil tax liability) subject to a maximum of Rs. 5000/-, from the given due date to the actual date when the returns are finally filed.

What is the minimum turnover for GST?

Currently, it’s mandatory to register for GST if you expect your annual turnover to be $75,000 or more.

What if buyer does not pay GST?

If a supplier fails to deposit the GST to the government or defaults in filing the GSTR 1 form on time or if there is any other discrepancy then the input tax credit claimed by a buyer will be limited to the amount for which invoice matching is done and 20% of the amount where invoice matching could not be done.