Filing GSTR 1 and GSTR 3B is an important part of India’s Goods and Services Tax (GST) system, but it comes with penalties and late fees if you don’t meet the deadline. This post will help you understand the rules, avoid costly fines, and save money by filing on time.
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Late Fees for GSTR 1 and GSTR 3B Filing?
A taxpayer will incur late fees for failing to file the GSTR 1 or GSTR 3B return within the due date. The amount of late fees will vary according to the income tax slab or the total turnover of a business. Additionally, if a taxpayer is able to submit incomplete returns by the deadline, then they may be liable to pay additional late fee charges. To avoid these costly penalties, it’s best to ensure that all GST payments are made on time and depending upon total turnovers tax slabs are only applicable.
Penalty Charges & Late Fees?
GSTR 1 and GSTR 3B are two types of returns that are required to be filed by businesses registered under the goods and services tax (GST) in India.
GSTR 1 is a monthly return that needs to be filed by the 10th of the next month and it contains details of all outward supplies made by the business during the month.
GSTR 3B is a summary return that needs to be filed by the 20th of the next month and it contains details of the business’s turnover, tax liability, and tax paid during the month.
If a business fails to file either of these returns by the due date, it may be subject to late fees. The late fee for GSTR 1 is INR 100 per day, up to a maximum of INR 5,000. The late fee for GSTR 3B is INR 50 per day, up to a maximum of INR 10,000.
It is important to note that these late fees are applicable only if the returns are filed after the due date but within a specified period of time. If the returns are not filed within this period, the business may be subject to additional penalties and fines. It is always advisable to file the returns on time to avoid these late fees and penalties.
Conclusion
To summarize, GSTR 1 and GSTR 3B are two types of returns that need to be filed by businesses registered under the goods and services tax (GST) in India. GSTR 1 is a monthly return that needs to be filed by the 10th of the next month, and GSTR 3B is a summary return that needs to be filed by the 20th of the next month. If a business fails to file either of these returns by the due date, it may be subject to late fees. It is important to file the returns on time to avoid these late fees and any additional penalties and fines.
FAQs
Here are some commonly asked questions about GSTR 1 and GSTR 3B filing:
- How do I file GSTR 1 and GSTR 3B returns?
GSTR 1 and GSTR 3B returns can be filed online through the GST Portal (https://www.gst.gov.in/). You will need to register on the GST Portal and then follow the steps to file the returns.
- Can I revise my GSTR 1 and GSTR 3B returns after they have been filed?
Yes, you can revise your GSTR 1 and GSTR 3B returns within a specified period of time after they have been filed. You can do this online through the GST Portal by following the steps to revise the returns.
- Can I get an extension on the due date for filing GSTR 1 and GSTR 3B returns?
In certain circumstances, you may be able to get an extension on the due date for filing your GSTR 1 and GSTR 3B returns. You can apply for an extension through the GST Portal by following the steps to request an extension.
- What happens if I don’t file my GSTR 1 and GSTR 3B returns on time?
If you don’t file your GSTR 1 and GSTR 3B returns on time, you may be subject to late fees. In addition, you may also be subject to additional penalties and fines if you don’t file the returns within a specified period of time. It is important to file the returns on time to avoid these late fees and penalties.
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