Can we file GSTR 1 IFF after due date?

What is the penalty for GST notice?

Here are the key penalties for fraud under GST law: In cases where tax evasion or fraud is proven, the penalty may be monumental, 100% to 300% of the amount of tax evaded. Even in cases where the percentage of tax calculated is less, a minimum penalty of ₹10,000 is imposed.

Can a NRI file belated return?

Yes, NRIs can file a belated return if the original deadline is missed. For FY 2024-25, the belated return window remains open until 31 December 2025. However, late fees under Section 234F and interest under Section 234A will apply.

Can we file a GST return late?

Therefore, upon non –filing of GST returns or missing out the GST due dates, the GST law prescribes a general penalty. The maximum penalty that may be imposed is Rs. 5,000. The taxpayer will be required to pay interest on late payment of GST at a rate of 18% annually in addition to the late payment penalty.

What if gstr1 is not filed by supplier?

If the supplier has not filed GSTR-1 by the 11th of the subsequent month, taxpayers may claim ITC on self-declaration during the first 6-month period. The supplier has 2 more tax periods to match this provisional Input Tax Credit.

What is the late fee for GSTR-1?

The late fee for GSTR 1 is ₹50 per day (₹25 CGST and ₹25 SGST) for each day the return is not filed after the due date. If you miss the deadline and file GSTR 1 five days late, the late fee would be ₹250 (₹50 x 5 days).

Is Gstr 1 due date extended for Jan 2025?

The last date for filing monthly GSTR-1 for December 2024 has been extended to January 13, 2025, from the original deadline of January 11, 2025.

Can I file ITC 01 after due date?

Cut-off dates for claiming of ITC and the timelines

Form ITC – 01 is required to be filed within 30 days of the person become eligible to claim ITC i.e. 30 days from grant of registration or opting out of composition scheme. Date immediately preceding the date when he becomes liable to pay tax.

What is the IFF limit for Gstr 1?

Such details should be furnished within a period of thirteen days of the succeeding month. The registered person can furnish details up to the maximum cumulative value of INR 50 Lakhs in each month under IFF.

Are there penalties for late IFF filing?

No, there is no late fee for delayed or non-filing of IFF, as it is optional. However: Buyers will face ITC delays until the quarterly GSTR-1 is filed. Missed deadlines can lead to reconciliation issues and affect business relationships.

How to file GSTR 1 if IFF is filed?

Specify the required details.

1. Under GST Statement/Returns, select GSTR-1/IFF.
2. Enter the GSTIN of your business under GSTIN of Supplier.
3. Select the Financial Year for which you are filing returns.
4. Select the Tax Period. ...
5. Set Is SEZ Taxpayer? to No.
6. Set Is taxpayer Quarterly filer? to Yes and click PROCEED.

What if we file late GSTR 1?

If one fails to submit a GSTR 1 return on GSTR 1 last date as per the prescribed deadline, one will be subject to GSTR 1 late fees at the rates outlined below. Additionally, for the delayed filing of GSTR 1, an annual interest rate of 18% will be imposed on the outstanding tax amount.

How to file late GST?

1. Step 1: Visit the GST portal. Click on the 'Search taxpayer' option.
2. Step 2: Click on the 'Search by PAN' option, and then enter the PAN. The list of GST registrations under the PAN will be displayed, along with details like status of registration, state and business name.

How to waive GST late fee?

On Navigating to 'My Applications' page, the taxpayer has to select 'Apply for Waiver Scheme under Section 128A' option under 'Application type' dropdown. If the taxpayer wants to file a new application for availing waiver on Interest and Penalty, the taxpayer can click on 'New Application' button.

How much penalty for belated return?

The penalty for late filing of ITR is Rs. 1,000 for income up to Rs. 5 lakhs and Rs. 5,000 for higher incomes, plus 1% monthly interest on unpaid tax.

Should NRI file ITR1 or ITR2?

If you are an NRI with income in India, you will have to use ITR-2 or another applicable form depending on your income sources. For example, a non-resident earning rental income or interest in India must file ITR-2 (since ITR-1 cannot be used by non-residents).

What if GST return not filed for 6 months?

If you (a regular taxpayer) does not file a return for a continuous period of six months, then the GST Officer may cancel the GST registration of such person. Before cancellation, the officer will issue a Notice seeking your clarification.

What is the maximum late fee for GST?

The maximum GST Return late fee is Rs. 10000 for both normal and Nil returns. There is no reduction provision for filing Nil returns. There is no maximum limit, if the late fees are not paid it is carried to the next GST return.

How much is the penalty for late GST filing?

What Are the Penalties and Interest of a Missed GST Filing Deadline? If you miss the filing deadline and owe GST, the CRA will charge: Late Filing Penalty: 1% of the amount owing, plus 0.25% of the amount owing for each full month your return is late (up to 12 months).