Due Dates to File GSTR-3B and GSTR-1 to Avail Interest Late Fees Benefits

As a business owner, you are required to file your GST returns on time to avoid any penalties and enjoy the benefits offered by the government. The GST Council has revised the due dates for filing GSTR-3B and GSTR-1 to help the small and medium businesses cope with the COVID-19 pandemic. In this article, we will be discussing the due dates for filing GSTR-3B and GSTR-1 to avail interest and late fees benefits.

GSTR-3B Due Dates

GSTR-3B is a monthly return filed by every registered person under GST. It is a summary return that includes the details of outward and inward supplies, input tax credit, and tax liability. The due date for filing GSTR-3B is the 20th of every month.The government has provided relief to small and medium businesses by reducing the rate of interest for delayed payment of tax. If you file GSTR-3B after the due date but before the prescribed date, the rate of interest will be reduced to 9% per annum instead of the regular 18% per annum.If you fail to file GSTR-3B within the prescribed due date, you will be liable to pay a late fee of Rs. 50 per day for every day of delay up to a maximum of Rs. 5000. However, if you have no tax liability, the late fee will be limited to Rs. 50 per day of delay.

GSTR-1 Due Dates

GSTR-1 is a monthly or quarterly return filed by every registered person under GST. It includes the details of outward supplies made during the period. The due date for filing GSTR-1 for monthly filers is the 11th of the next month, and for quarterly filers, it is the 13th of the next month.The government has provided relief to small and medium businesses by waiving off the late fee for delayed filing of GSTR-1. If you file GSTR-1 after the due date but before the prescribed date, you will not be liable to pay any late fee.However, if you fail to file GSTR-1 within the prescribed due date, you will be liable to pay a late fee of Rs. 200 per day for every day of delay up to a maximum of Rs. 5000. If your turnover is nil or you have no outward supplies, the late fee will be limited to Rs. 50 per day of delay.

Consequences of Not Filing GSTR-3B and GSTR-1 on Time

If you fail to file GSTR-3B and GSTR-1 within the prescribed due date, you will be liable to pay a late fee and interest on the amount of tax payable. The interest rate for delayed payment of tax is 18% per annum, which is reduced to 9% per annum if you file the return after the due date but before the prescribed date.If you continue to delay filing the returns, the government may take strict actions against you, such as suspension of your GST registration, cancellation of your registration, and even prosecution.

Conclusion

Filing GSTR-3B and GSTR-1 on time is crucial for every business owner to avoid any penalties and enjoy the benefits offered by the government. The government has provided relief to small and medium businesses by reducing the rate of interest and waiving off the late fee for delayed filing of these returns. However, it is recommended to file the returns on time to avoid any legal consequences.In conclusion, we hope this article has helped you understand the due dates for filing GSTR-3B and GSTR-1 to avail interest and late fees benefits. If you have any queries, please feel free to reach out to us.