Reduce late filing fees for Form GSTR 9, GSTR 4 & GSTR 10

The Goods and Services Tax (GST) has been a game-changer for the Indian economy since its implementation in 2017. However, the compliance requirements associated with GST have proven to be a challenge for many businesses. One of the most significant compliance requirements is the filing of GST returns, which includes Form GSTR 9, GSTR 4, and GSTR 10. Late filing of these returns can result in substantial penalties, which can have a significant impact on businesses. In this blog post, we will discuss how businesses can reduce late filing fees for Form GSTR 9, GSTR 4, and GSTR 10.

1.what are from GSTR9, GSTR 4, and GSTR 10?

Form GSTR 9, GSTR 4, and GSTR 10 are different types of GST returns that must be filed by businesses registered under the Goods and Services Tax (GST) in India.

Form GSTR 9 is an annual return that must be filed by regular taxpayers registered under GST. It includes details of all inward and outward supplies made during the financial year.

Form GSTR 4 is a quarterly return that must be filed by taxpayers who have opted for the Composition Scheme under GST. It includes details of the turnover and tax paid by the taxpayer during the quarter.

Form GSTR 10 is a final return that must be filed by taxpayers who have cancelled their GST registration. It includes details of the stock held by the taxpayer on the date of cancellation.

2.Late filing fees for Form GSTR 9, GSTR 4, and GSTR 10:

Late filing of GST returns can result in substantial penalties. The late filing fee for Form GSTR 9 is Rs. 200 per day (Rs. 100 as late fee under CGST and Rs. 100 as late fee under SGST) up to a maximum of 0.25% of the taxpayer's turnover in the state or union territory. The late filing fee for GSTR 4 is Rs. 50 per day (Rs. 25 as late fee under CGST and Rs. 25 as late fee under SGST). The late filing fee for GSTR 10 is Rs. 100 per day (Rs. 50 as late fee under CGST and Rs. 50 as late fee under SGST) up to a maximum of Rs. 5,000.

How to reduce late filing fees for Form GSTR 9, GSTR 4, and GSTR 10?

A.Use GST software:

Using GST software can help businesses avoid late filing fees. GST software automates the process of GST return filing, making it easier and faster for businesses to file their returns on time. GST software also reduces the chances of errors and ensures compliance with GST regulations.

B.Set reminders:

Setting reminders can help businesses remember the due dates for filing their GST returns. Businesses can set reminders on their calendars, phones, or use GST software that provides alerts for upcoming due dates.

C.Maintain accurate records:

Maintaining accurate records of all inward and outward supplies and transactions can help businesses file their GST returns accurately and on time. Accurate record-keeping also reduces the chances of errors and ensures compliance with GST regulations.

D.Seek professional help:

Seeking professional help from GST practitioners can help businesses file their GST returns accurately and on time. GST practitioners have a thorough understanding of GST regulations and can help businesses comply with them.

3.Amount of Late Fees Applicable:

The amount of late fees applicable for Form GSTR 9, GSTR 4, and GSTR 10 is as follows:

A.Form GSTR 9:

The late filing fee for Form GSTR 9 is Rs. 200 per day (Rs. 100 as late fee under CGST and Rs. 100 as late fee under SGST) up to a maximum of 0.25% of the taxpayer's turnover in the state or union territory.

B.Form GSTR 4:

The late filing fee for GSTR 4 is Rs. 50 per day (Rs. 25 as late fee under CGST and Rs. 25 as late fee under SGST).

C.Form GSTR 10:

The late filing fee for GSTR 10 is Rs. 100 per day (Rs. 50 as late fee under CGST and Rs. 50 as late fee under SGST) up to a maximum of Rs. 5,000.

It is important for businesses to file their GST returns on time to avoid late fees and penalties.

4.For GST Annual Returns (GSTR-9):

For GST Annual Returns (GSTR-9), the applicable late fees are as follows:

A.Late fee for failure to furnish GSTR-9 within the due date:

The late fee for failure to furnish GSTR-9 within the due date is Rs. 200 per day (Rs. 100 as late fee under CGST and Rs. 100 as late fee under SGST) up to a maximum of 0.25% of the taxpayer's turnover in the state or union territory.

B.Late fee for furnishing GSTR-9 after the due date but before the issuance of a notice:

The late fee for furnishing GSTR-9 after the due date but before the issuance of a notice is Rs. 200 per day (Rs. 100 as late fee under CGST and Rs. 100 as late fee under SGST) up to a maximum of 0.25% of the taxpayer's turnover in the state or union territory.

C.Late fee for furnishing GSTR-9 after the issuance of a notice:

The late fee for furnishing GSTR-9 after the issuance of a notice is Rs. 5000.

It is important for businesses to file their GSTR-9 returns on time to avoid late fees and penalties. Businesses can use GST software or seek professional help to ensure timely and accurate filing of GSTR-9 returns.