How to avoid late fee in gst mail
To avoid late fees in GST, follow these steps:
- File your GST returns on time: Make sure to file your GST returns (GSTR-1, GSTR-2, and GSTR-3) within the prescribed time limit. The due dates for filing GST returns are:
- GSTR-1: 10th of the next month
- GSTR-2: 15th of the next month
- GSTR-3: 20th of the next month
- Pay your GST dues on time: Ensure that you pay your GST dues, including the principal amount and late fee, within the prescribed time limit. You can pay your GST dues online through the GST portal or through a bank challan.
- Check your GST account regularly: Regularly check your GST account to ensure that your returns are filed and payments are made on time. You can check your GST account on the GST portal.
- Avoid errors in filing returns: Ensure that you file your GST returns accurately and without errors. Errors in filing returns can lead to rejection of returns, which may result in late fees.
- Pay late fee only when necessary: If you are unable to file your GST returns or make payments on time, pay the late fee only when necessary. The late fee is calculated based on the number of days you are late in filing your returns or making payments.
- Use the GST portal's reminder facility: The GST portal provides a reminder facility that sends you reminders for filing returns and making payments. Use this facility to stay informed about the due dates.
- Consult a tax professional: If you are unsure about filing your GST returns or making payments, consult a tax professional who can guide you through the process.
Late fee calculation:
The late fee for GST is calculated as follows:
- For returns filed after the due date but before 15 days of the due date: 0.25% of the tax liability
- For returns filed after 15 days of the due date but before 30 days of the due date: 0.5% of the tax liability
- For returns filed after 30 days of the due date: 1% of the tax liability
Penalty for non-filing of returns:
If you fail to file your GST returns, you may be liable to pay a penalty of Rs. 100 per day, up to a maximum of Rs. 5,000.
Penalty for non-payment of tax:
If you fail to pay your GST dues, you may be liable to pay a penalty of 18% of the tax amount, in addition to the late fee.
By following these steps, you can avoid late fees and penalties in GST.