Overview:-
A GST return is an official document that contains information on all purchases, sales, taxes paid on purchases, and taxes received on sales. The registered taxpayer has to pay the net taxes calculated along with filing of the GST Return.
Benefits:-
- GST eliminates the tax cascading effect.
- Registration has a higher bar.
- Scheme of composition for small businesses.
- Simple and straightforward online procedure.
- The number of people who are not complying is decreasing.
- E-commerce operators are given a specific treatment.
- Logistics efficiency has been improved.
- The unorganized sector is governed by GST.
Late submission of GST Returns is punishable
In the event that the taxpayer fails to submit the returns by the deadline, a fine will be assessed. and levied as late charge. The late charge for both the Central Goods and Services Tax (CGST) and State Goods and Services Tax(SGST) is Rs. 100 for each day respectively under the GST Law. The resultant charge would be Rs. 200 per day. The maximum amount of late chargefine that can be assessed is Rs. 5,000 per law respectively for each late filing.
In addition to the late fee, the taxpayer will also be compelled to pay interest at a rate of 18% p.a. The taxpayer must compute this interest based on the amount of tax that has to be paid. The time frame will be counted from the next day of the filing last date to the date y on which the payment is actually made.
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