Skip to main content

Penalty for Late Filing of GST Return

Penalty for Late Filing of GST Return

GST return filing is mandatory for all persons having GST registration irrespective of turnover or profit. Hence, even persons having no business activity or turnover is a month but having GST registration are required to file GST returns. Regular taxpayers are required to file monthly GST returns, dealers registered under Composition Scheme are required to file quarterly GST returns and non-resident taxable persons are required to file one return every month. In this article, we look at the penalty for late filing of GST return.


Comments

Post a Comment

Popular posts from this blog

Mutual Fund Myth Buster

Mutual Funds are one of the most suitable investment instruments for investors. Here we bust some misconceptions that have led the investors to remain skeptical about them. To give a fair and real understanding about the instrument, here are some facts about Mutual Funds: 1. Myth: “You need to be an expert to invest in funds” Fact : Mutual Funds are managed by Fund Managers. You can either have an active fund where they actively buy and sell stocks or a passive fund that follows an index. The fund mangers do all the research and analysis about which securities to buy or sell. Further, online and offline advisors can easily help you choose the right Mutual Funds that work within your risk constraints to meet your goals. Yes, you have to be a diligent on who you choose as an advisor but it is easy to find a good one.  Ask two simple questions  – do you pay the advisor directly? and has the advisor successfully managed money before? If the answer is “Yes” to b...
1 comment
Read more

Section-138 of NI Act,1881 (Dishonour of cheque for insufficiency, etc., of funds in the account)

Dishonour of cheque for insufficiency , etc., of funds in the account. —Where any cheque drawn by a person on an account maintained by him with a banker for payment of any amount of money to another person from out of that account for the discharge, in whole or in part, of any debt or other liability, is returned by the bank unpaid, either because of the amount of money standing to the credit of that account is insufficient to honour the cheque or that it exceeds the amount arranged to be paid from that account by an agreement made with that bank, such person shall be deemed to have committed an offence and shall, without prejudice to any other provisions of this Act, be punished with imprisonment for   [a term which may be extended to two years], or with fine which may extend to twice the amount of the cheque, or with both: Provided that nothing contained in this section shall apply unless— the cheque has been presented to the bank within a period of six months from the date ...
Post a Comment
Read more