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Published on:
March 21, 2023
By
Harshini

Can Rs. 50000 penalty be imposed directly for delayed Form GSTR-9C filing?

A penalty of Rs. 50,000 could be imposed for delayed or non-filing of Form GSTR-9C under GST.

Form GSTR-9C is a reconciliation statement that needs to be filed by taxpayers with an annual turnover of over Rs. 2 crores, as per the GST laws. It is a form that is used to reconcile the figures in the annual return (Form GSTR-9) with the audited financial statements of the taxpayer.

If a taxpayer fails to file Form GSTR-9C within the due date, a late fee of Rs. 200 per day of delay (Rs. 100 under CGST and Rs. 100 under SGST/UTGST) subject to a maximum of 0.25% of the taxpayer's turnover during the financial year will be levied. However, the minimum amount of the late fee is Rs. 5,000.

If the taxpayer fails to furnish the Form GSTR-9C even after the due date and the delay continues for a period of one year or more from the due date, then the penalty could be imposed, which could be up to Rs. 50,000, as per the GST laws.

It is important for taxpayers to file their GST returns and reconciliation statements within the due date to avoid any late fee or penalty.

As mentioned earlier, Form GSTR-9C is a reconciliation statement that needs to be filed by taxpayers with an annual turnover of over Rs. 2 crores. It needs to be filed on or before 31st December of the subsequent financial year. For instance, for the financial year 2021-22, the due date for filing GSTR-9C would be 31st December 2022.

If a taxpayer fails to file Form GSTR-9C within the due date, a late fee of Rs. 200 per day of delay (Rs. 100 under CGST and Rs. 100 under SGST/UTGST) subject to a maximum of 0.25% of the taxpayer's turnover during the financial year will be levied. However, the minimum amount of the late fee is Rs. 5,000.

In case the taxpayer continues to delay the filing of Form GSTR-9C even after the due date, the penalty could be imposed, which could be up to Rs. 50,000, as per the GST laws. The penalty would be in addition to the late fee that is levied for the delay in filing the return.

It is important for taxpayers to file their GST returns and reconciliation statements within the due date to avoid any late fee or penalty. The GST authorities have also introduced a GST compliance rating system for taxpayers to assess their compliance with the GST regulations and rules. A delay in filing GST returns or reconciliation statements could negatively impact the compliance rating of a taxpayer.

As per the GST laws, a penalty of up to Rs. 50,000 can be imposed for delayed Form GSTR-9C filing.

Form GSTR-9C is a reconciliation statement that needs to be filed by taxpayers with an annual turnover of over Rs. 2 crores, as per the GST laws. It is a form that is used to reconcile the figures in the annual return (Form GSTR-9) with the audited financial statements of the taxpayer.

If a taxpayer fails to file Form GSTR-9C within the due date, a late fee of Rs. 200 per day of delay (Rs. 100 under CGST and Rs. 100 under SGST/UTGST) subject to a maximum of 0.25% of the taxpayer's turnover during the financial year will be levied. However, the minimum amount of the late fee is Rs. 5,000.

If the taxpayer fails to furnish the Form GSTR-9C even after the due date and the delay continues for a period of one year or more from the due date, then the penalty could be imposed, which could be up to Rs. 50,000, as per the GST laws.

Conclusion

Therefore, it is important for taxpayers to file their GST returns and reconciliation statements within the due date to avoid any late fee or penalty. The GST authorities have also introduced a GST compliance rating system for taxpayers to assess their compliance with the GST regulations and rules. A delay in filing GST returns or reconciliation statements could negatively impact the compliance rating of a taxpayer.

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