Will be ready to refill to 31 October GST returns with late fees
The composition dealer will now need to fill the GST-4 form just one occasion a year, the last date of which has been extended to 31 October. Here, even after GST registration is canceled, on 31 December 2020, the merchant will get only Rs 500 for filing the ultimate return. Late fees will need to be paid. This may provide financial relief to the tiny businessmen.
Businessmen whose GST registrations were canceled till June 12, 2020, are going to be ready to apply online again on September 30 to revive the registration. What’s the composition dealer, Darpan Mangal told that the tiny and medium traders attend pay just one percent tax of their total turnover? The composition dealer can take an equivalent trader whose annual turnover is one and a half crores of rupees. It’s optional. For the primary time, a notification is issued to offer relief to the composition dealer within the event of a COVID.
Now the fee won’t be imposed within the event of a return. Late fees are going to be the
first relief: Composition dealers are going to be ready to file GST returns till 31 October. There’ll not be any late fees just in case of a return. If tax is to be paid within the return file then Rs. 500 per return. Late fees are going to be incurred, this may need to be done once from 2019-20.
Previously: It had been necessary to file returns quarterly till 2017-18 and 2018-19. On which late fee was added to the late fee of 10 thousand rupees per quarter.
Now it’ll happen: within the 2019-20 fiscal year it’ll need to be deposited once a year. Returning fourfold will provide relief. Late fee reduced to Rs 500 Per return has been made. Past returns also will be included.
Second Relief: GST-10 final returns to be made within 90 days of registration cancellation, till New Year’s Eve, Rs 500. The sole penalty is going to be imposed.
GST returns till 31 October
Earlier this: If the GST-10 final return wasn’t deposited within 90 days on the cancellation of registration, Rs. 200. Rage or a maximum of 10 thousand rupees. There was a late fee. There was an economic impasse on the sparse businessman.
Now this: Just in case of GST registration canceled, if GST-10 final return couldn’t be filed in 90 days, and just in case of filing return by 31st December, only Rs. 500. Only late fees are going to be charged.