Categories: Others

Late fees under Goods and Services tax law for GSTR-9

www.carajput.com;GST CORPORATE UPDATE

How to calculate the late fees under Goods and Services tax law for GSTR-9

To calculate the late fees under Goods and Services tax law for GSTR-9 for the FY 2022-2023, To ensure accurate calculations and compliance with the latest regulations, it’s crucial for taxpayers to stay updated with the notifications and guidelines issued by the GST department. This helps in avoiding any penalties or incorrect filings due to outdated information. Taxpayers should regularly check official sources such as the GST portal or notifications issued by the GST authorities for the most current information regarding late fees and other compliance matters related to GSTR-9C and GSTR-9. you will need to consider the following:

  1. Late fees for filing GSTR-9 after the due date:

– For filing GSTR-9 after the due date, a late fee of Rs. 100 per day (INR 50 for Central goods and services tax & INR 50 for State Goods and services tax ) will be applicable, subject to a maximum of 0.25% of the GST taxpayer’s turnover in the respective state/UT.

  1. Late fees for filing GSTR-9C after the due date:

– If GSTR-9C is filed after the due date, a late fee of Rs. 100 per day (INR 50 for Central goods and services tax & INR 50 for State Goods and services tax) will be applicable, subject to a maximum of 0.25% of the GST taxpayer’s sale in respective state/Union Territory.

Late fee and penalty for not filing GSTR-9

S.No GST Turnover limit Late fee per day
1 Up to INR 5 crore INR 50 (INR 25 each under CGST & SGST Act)
2 More than INR 5 crore & less than INR 20 crore INR 100 (INR 50 each under CGST & SGST Act)
3 More than INR 20 crore INR 200 (INR 100 each under CGST & SGST Act)

Late fees for GSTR 9 are applicable at a daily rate of 100 for each act, 50. However, for GSTR 9C, late fees are not applicable; instead, there’s a penalty of 25,000 for each act, totaling 50,000.

Late fees could be subject to changes based on notifications or amendments made by the GST authorities. Therefore, it’s crucial to refer to the latest notifications and guidelines issued by the Goods and Services Tax department for the most accurate information on late fees for filing GSTR-9C after the due date.

To calculate the total late fees till date, you will need to determine the number of days the GSTR-9C & GSTR-9 filings are late and multiply that by applicable daily late fee rate. Then, sum up the total late fees for both GSTR-9C & GSTR-9 to get the total late fees amount.

The late fees for filing GSTR-9C (GST Annual Return with Reconciliation Statement) and GSTR-9 (GST Annual Return) can vary based on notifications or changes made by the Goods and Services Tax (GST) authorities. These notifications may be issued from time to time to provide updates on late fee structures, due dates, or any other relevant information pertaining to GST compliance.

Rajput Jain & Associates

Rajput Jain & Associates is a Chartered Accountants firm, with it's headquarter situated at New Delhi (the capital of India). The firm has been set up by a group of young, enthusiastic, highly skilled and motivated professionals who have taken experience from top consulting firms and are extensively experienced in their chosen fields has providing a wide array of Accounting, Auditing, Taxation, Assurance and Business advisory services to various clients and their stakeholders. Rajput jain & Associates, a professional firm, offers its clients a full range of services, To serve better and to bring bucket of services under one roof, the firm has merged with it various Chartered Accountancy firms pioneer in diversified fields. We have associates all over India in big cities. All our offices are well equipped with latest technological support with updated reference materials. We have a large team of professionals other than our Core Team members to meet the requirements of our prospective clients including the existing ones. However, considering our commitment towards high quality services to our clients, our team keeps on growing with more and more associates having strong professional background with good exposure in the related areas of responsibility.

Recent Posts

All about the Foreign Tax Credit in India: -Need to Know

What is a Foreign Tax Credit (FTC)? A Foreign Tax Credit (FTC) is a provision that allows residents to claim… Read More

3 days ago

Online Filing of Form 10F Without PAN for Non-Residents

How to Obtain a Tax Residency Certificate (TRC): A Tax Residency Certificate (TRC) is essential for determining treaty benefits under… Read More

3 days ago

Overview on IBBI 3rd Amendment Regulations

Important Amendment Regulations introduced to Corporate Insolvency Resolution Process The Insolvency and Bankruptcy Board of India (IBBI) has issued the… Read More

4 days ago

FAQs on ITR Filling Forms- Guide to select correct ITR

FAQs on ITR Filling Forms- Guide to select correct ITR Q.1 What does Form ITR-V and form ITR-Acknowledgement means? Form… Read More

1 week ago

Compliance Calendar under Companies Act & SEBI Act

Compliance Calendar under Companies Act and SEBI Act A compliance calendar helps companies track these and other regulatory requirements, ensuring… Read More

1 week ago

Easy Guidance on Meetings requirements as per Company Law

Easy Guidance on Meetings requirements as per Company Law Meetings under the Companies Act 2013 play a pivotal role in… Read More

1 week ago
Call Us Enquire Now