Good news for taxpayers as the Centre gives the opportunity to file GST Return without penalty. As we all know, Many businesses in India have not filed GST Returns. The reason being complexity in GST return filing compliances. Therefore, to relieve the taxpayers the Government has announced an amnesty scheme. In this article, we will read about the Centre gives the opportunity to file GST Return without penalty.
Centre gives opportunity to file GST Returns without penalty
The Centre has given relief to taxpayers by announcing an amnesty scheme. The amnesty scheme allows taxpayers to file GST Returns without penalty before August 1. It is important to note that this scheme allows taxpayers to file GST Returns without penalty even if not filed once since 2017.
Penalty if not filing GST Returns
If GST Returns are not filed before August 1, 2021, businesses will have to face serious penalties. These penalties can range up to a hefty amount of Rs. 10,000 per month. Furthermore, the businesses operating without a GST number will have to pay a fine of at least Rs. 500 per month. Similarly, Organizations operating with a GST number but not filing GST Returns will have to pay a fine of up to Rs. 1000.
Mandatory to file GST Returns even if the business is closed
The GST official also says that It is mandatory for businesses to file GST Returns if they have GST Registration and their businesses are not operating. Therefore, it is beneficial for such businesses to file GST returns now and avoid any penalties.
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