Have you missed the business GST deadline? You are not alone!
Ever missed the GST Notifications?
GST is the most sensational news since July 2017. Though many welcomed the decision, it had a lot more criticism as well. It seems intimidating for startups and businesses that have just started to calculate and file the Goods & Services Tax. GST Returns have to be filed monthly within the due date to avoid penalties. This blog aims to dilute the complex world of filing your returns and know the real cost of missing your deadline.
The most important task in every company’s To-Do List must be filing GST within deadlines. It has become extremely foremost work to file it as the Government of India imposed severe penalties for delayed filings excluding July, August & September.
The Goods & Services Tax is a unified, indirect multistage destination tax that is more comprehensive. It is believed to dismantle the interstate barriers and has multistage taxation that will be refunded in different stages of production. GST replaced many existing taxes imposed earlier by both state and central government.
The GST is divided into 5 slabs of percentages i.e. 0%, 5%, 12%, 18% & 28%. Petroleum products, electricity, and alcoholic drinks have not been taxed under GST. Thus, unifying the taxes under GST helps to easily track all the transaction records in a market. The transparency under this single taxation system is also maintained.
GST Returns is filing a written document that has details of the taxpayer’s income that has to be registered with the Tax Administrative Authorities within deadlines. There are many types of GST Returns that have to be filed with appropriate guidance within the due date. Your business must submit 2 monthly returns and an annual return that amounts to 26 total returns in a year.
If you fail to file GST on time, you will not be alone. As per the GST Penalty Regulations, interest shall be charged at 18% per annum and late fees on outstanding amounts. This interest charged by the Government shall be imposed for days after the deadline. Besides the interest and fees, there are some provisions for a late fee which can be charged at 100 rupees per day. The minimum fine one can be liable to pay is 5000 rupees. Filing GST Returns is mandatory for any registered organization. The strict penalties will be imposed daily if there is a delay in filing. The charges can double daily.
Our country is moving towards the path of digitalization and so are your businesses. Prevent some misguidance to avoid committing mistakes while filing your GST. In this hectic life, it is easy to forget a deadline or an appointment. But, it is not an easy task if you forget to file your taxes on time. Don’t get yourself stuck with delayed filing penalties and interest charges. Here we are as a solution to get your taxes done with the help of myBooks software. We make it simple and possible to track every notifications and amendment that has been made by the GST law.