Is Gstr 3b Late Fee Waived?

Is GST late fee waived?

Earlier, similar waiver was made applicable for the period February, 2020 to July, 2020 subject to deadlines specified in Notification No….Waive Late Fees for Delayed Filing of GST Returns.Tax PayableRelaxationReturn filing deadline to avail benefitNIL ReturnFull Waiver of Late FeesFile returns for May – July 2020 latest by 30th September 201 more row•Dec 17, 2020.

How can I avoid paying 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.

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.

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%.

Can we file Gstr 3b without filing Gstr 1?

yes you can file GSTR-1 before filing GSTR-3b but both are mandatory.

Can we file GST return without payment?

Under the GST law, the filing of return without payment of taxes shall not be considered as a valid return. … It is only the valid return that would be used for allowing input tax credit (ITC) to the recipient.

How are Gstr 3b late fees calculated?

Late fees for GSTR-3B is Rs. 20 (Rs. 10 for CGST and Rs. 10 for SGST) per day for NIL returns and Rs.

Is GST 3b return date extended?

The government on March 24 announced extension of the last date for filing GSTR-3B for Goods and Services Tax (GST) for March, April and May to June 30.

What if RCM is not paid?

The person cannot take the plea that there is no revenue loss if he had not paid the RCM liability because if he pays RCM liability then the same time, he will avail input tax credit. … It is not necessary if the person pays reverse charge liability, he is eligible for availing input tax credit.

What is the maximum late fee for Gstr 3b?

Rs 5,000This means that in any case, the maximum late fees that can be charged by the Government is Rs 5,000 each return being filed under the Act. For example, a Taxpayer has filed GSTR-3B for the month of December 2017 on 23rd January 2018, where actual due date was 20th Jan 2018. Amount of late fees to be paid would be Rs.

Is Gstr 3b mandatory?

Filing GSTR 3B form is mandatory for all those who have registered for the Goods and Services Tax (GST). … In the interim, all GST registrants have to file GSTR-3B form. It is must that you have a separate GSTR 3B file for each Goods and Services Tax Identification Number (GSTIN) you have.

Can Gstr 3b be filed after due date?

detailed above, FORM GSTR 1 would be mandatorily required to be filed before FORM GSTR3B w.e.f. 01.04. 2021. The present GSTR-1/3B return filing system to be extended till 31.03. 2021 and the GST laws to be amended to make the GSTR-1/3B return filing system as the default return filing system.

Can Gstr 3b be filed quarterly?

The CBIC has released a notification allowing small taxpayers to opt for quarterly filing of GSTR-3B. Small taxpayers are those taxpayers with a turnover of up to Rs. 5 crore in the previous financial year. The quarterly filing option will be available from 1st January 2021 onwards.

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.

Can we pay GST in installments?

If the taxpayer cannot pay all the GST dues (tax/interest/penalty) in a lump sum or within the stipulated date, then he can file an application to the Commissioner requesting to pay in installments. The Commissioner can extend the due date for payment or allow the taxpayer to pay in installments.