Question: What Happens If Gstr 3b Not Filed?

What happens if GST return is not filed?

If you don’t file any GST return then subsequent returns cannot be filed.

For example, if GSTR-2 return of August is not filed then the next return GSTR-3 and subsequent returns of September cannot be filed.

Hence, late filing of GST return will have a cascading effect leading to heavy fines and penalty (see below)..

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.

Is GST allowed as expense?

Any tax, duty, cess or fee paid under any law in force is allowed as a deduction when it is paid- this includes GST, customs duty or any other taxes or cesses paid. Interest paid on these taxes are also eligible for deduction.

Is Gstr 3b monthly or quarterly?

Only one Quarterly return facility in GSTR-1 is available If TO is upto 1.5 crore but GSTR-3B must be filed monthly. Every taxpayer who will apply for quarterly return has to pay tax in self declaration form on monthly basis for first two months of the quarter.

Is there any penalty for late filing of Gstr 3b?

In a major relief to the taxpayers, the government has capped that maximum late fee on GSTR-3B returns at Rs 500. CBIC said that the government has decided to cap the maximum late fee for filing GSTR-3B returns for the tax period of July 2017 to July 2020, given that such returns are filed before 30 September 2020.

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 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.

What is the last date for filing Gstr 3b for March 2020?

A. New Dates for Filling of GSTR-3BT/o in last FYInterest ChargedMarch 20Category I More Than 5 CroresYes @ 9%* p.a.(after 15 days from due date)24 June 2020Category II More Than 1.5 Crores but Less Than 5 CroresN. A.29 June 2020Category III Less Than 5 CreoresN A.3 July 2020Apr 11, 2020

Is Gstr 3b filing date extended?

Note 3: Taxpayers who are yet to file Form any month(s) from July, 2017 till Jan., 2020, can now file Form GSTR-3B from 1st July, 2020 till 30th Sept., 2020, without any late fee, for those months in which they did not have any tax liability.

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.

Is GST late fee allowed as expense?

In fact, late fees are paid for the purpose of the compliance with the Act. Hence, it will be allowed under Section 37 as it is is not an offence or prohibited under any law. Therefore, late fees paid for delay in filing GST returns will be allowed as a deduction under Income Tax.

Do we need to pay GST every month?

As per the guidelines, every registered regular taxpayer has to furnish the GST returns on a monthly basis, and pay the requisite tax by the due date for payment of GST – 20th of every month. … Without furnishing the return for a month and paying the tax due, the subsequent month’s return cannot be furnished.

How is GST late fee calculated?

Late fees for GSTR-9 and GSTR-9A is Rs. 200 (Rs. 100 for CGST and Rs. 100 for SGST) per day up to a maximum of 0.50% (0.25% for CGST and 0.25% for SGST) of turnover.

Can we pay tax in installments?

If you can’t afford to pay your taxes, you may be able to qualify for an installment plan with the Internal Revenue Service. … You’ll still owe penalties and interest for paying your taxes late, but it can help make the payments more affordable. The minimum monthly payment for your plan depends on how much you owe.

How do I file my Gstr 3b without late fee?

A nil GSTR-3B can be filed via SMS using the registered mobile number and OTP verification. The CBIC has notified the date of applicability as 8th June 2020, from which nil returns can be filed through SMS.