What is the 9C late fee waiver?
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The "9C late fee waiver" refers to a specific provision within the Indian Goods and Services Tax (GST) system that provides conditional relief from penalties for the delayed filing of the annual reconciliation statement, Form GSTR-9C.
What is the Gstr-9 9C late fee waiver?
Scope of the Scheme: The waiver scheme applies to only those taxpayers who have failed to file GSTR-9 earlier. To avail benefits of this scheme, taxpayers have to file the return before March 31, 2025. Already Paid Late Fees: No refunds will be issued if the taxpayer has already filed the return with late payment fees.
What is the penalty for filing 9C late?
The penalty for late filing of GSTR-9C includes a late fee of Rs. 200 per day (Rs. 100 each for CGST and SGST) up to a maximum of 0.5% of the taxpayer's turnover in the relevant state or union territory. Additionally, failure to file may attract further penalties and interest as per GST regulations.
Can GST late fees be waived?
CGST and SGST late fee is ₹50 per day per return, with a limit of ₹5,000 per type of return. 4. Can you waive or reduce the GST penalty? Yes, you can waive or reduce a GST default penalty in case of actual default on the basis of reasonable causes and for first-time offenders.
What is the due date for gstr9 and 9C?
The due date to file GSTR-9C is the same as due date for submitting the Annual returns in GSTR-9. Hence, the GSTR-9C must be filed on or before 31st December of the year subsequent to the relevant FY under audit.
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Is it mandatory to file 9C?
Every registered person under GST whose turnover during a financial year exceeds the prescribed limit of Rs. 5 crore must file a self-certified reconciliation statement in Form GSTR-9C. This statement must be filed by every GST-registered taxpayer, i.e. every GSTIN.
What is the penalty for filing GST late?
What are the penalties for late GST filing? Penalties for late filing can include: A late filing penalty of $50 if you're on the payment basis and $250 if you're on the invoice or hybrid basis. For late payments, a penalty charge of 1% of the GST amount owed.
What is the last date of GST penalty waiver?
Rule 164(6) specifies the final dates for applying under the waiver scheme: In standard cases, the last date for submitting an application is 30.06. 2025. For cases involving re-determination, the deadline is six months from the date the re-determination order is communicated by the proper officer under Section 73.
Can you negotiate a late fee?
According to a report from the U.S. PIRG Education Fund, about 90 percent of first-time late fees can be waived if you simply ask. Even if you've missed payments more than once, some issuers still offer goodwill adjustments.
What is the grace period for late fees?
A period of time during which a debtor is not required to make payments on a debt or will not be charged a fee. For example, most credit cards offer a grace period of 20 to 30 days before interest is charged on purchases; as long as you pay your bill in full within the grace period, you won't owe any interest.
What is the maximum late fee for GST?
Maximum Late Fee (Nil Return)
For nil returns, the late fee is capped at ₹500 per return (₹250 CGST + ₹250 SGST). For other returns, the cap varies by turnover, with a maximum of ₹10,000 per return for large taxpayers.
What is the maximum late filing fee?
Section 271H (Penalty for late filing of TDS/ TCS returns)
If you are responsible for deducting or collecting tax at source (TDS/ TCS) and you fail to file the applicable returns on time, Section 271H applies. Under this section, the penalty ranges from Rs. 10,000 to Rs. 1,00,000.
Is there any exemption from filing GSTR 9?
Who is not required to file GSTR-9? Ans. Following persons are not required to file GSTR-9: - an Input Service Distributor, - a person paying tax under section 51 (TDS) or section 52 (TCS), - a casual taxable person and - a non-resident taxable person.
How to waive off GST penalty?
1. Login into GST portal: Navigate to > Services > User Services > My Applications. 2. On Navigating to 'My Applications' page, the taxpayer has to select 'Apply for Waiver Scheme under Section 128A' option under 'Application type' dropdown.
What is the difference between GST 9 and 9C?
GSTR 9 is an annual return that GST-registered businesses must file, detailing their financial transactions. GSTR 9C is a reconciliation statement, mandatory for businesses with a turnover exceeding Rs. 2 crores, ensuring consistency between audited financial statements and GSTR 9.
What is the GST penalty waiver notification 2025?
The GST Amnesty Scheme 2025 is a relief measure aimed at reducing litigation and facilitating compliance. It allows taxpayers to settle disputes by paying the outstanding tax dues while receiving a GST waiver on associated interest and penalties.
Can I get my late fee waived?
If a payment is late, act fast by paying the balance as soon as possible, contacting your issuer or requesting a fee waiver. Some issuers may forgive a first-time late fee, especially if you ask promptly.
How to calculate 2% late fee?
Calculate the fee: Multiply the invoice total by the late fee percentage. For example, for a $2,000 invoice with a 2% late fee, the charge would be $40 ($2,000 * 0.02). Update the invoice total: Add the late fee to the outstanding balance. In this example, the new total would be $2,040.
Is a 10% late fee too much?
Setting an Appropriate Late Fee Amount for Rent
The late fee should be fair and reasonable, typically falling between 5% and 10% of the total monthly lease amount. Landlords should clearly communicate the late fee amount, due date, and when the fee will be applied to the tenant, ensuring that no exceptions are made.
How to avoid GST late fees?
The best way to avoid late fees is by setting up calendar reminders for GST due dates and filing all your GST returns on time. Additionally, filing NIL returns if you have no sales in a period can help avoid fees.
What is the minimum penalty for GST?
For tax evasion without fraudulent intent, a penalty of 10% of the tax due, subject to a minimum of Rs. 10,000, is imposed; with fraudulent intent, the penalty equals the tax evaded, with a minimum of Rs. 10,000, and may include imprisonment based on the tax amount involved.
Can penalties be waived?
For obtaining waiver or reduction or stay or compound any proceeding for the recovery of penalty, the taxpayer has to make an application to the Principal Commissioner or Commissioner.
What is the penalty for filing Gstr 9C after due date?
Failing to file GSTR-9c by the due date can result in penalties. Taxpayers who miss the GSTR9c due date are liable to pay a penalty of ₹200 per day of delay (₹100 SGST + ₹100 CGST). The total penalty amount shall not exceed 0.50% of the taxpayer's turnover in the relevant state/UT.
What is the minimum late fee for GST?
Calculation of GST Return Late Fees
Rs 20 (Rs 10 for CGST and Rs 10 for SGST) each day for zero GST returns. A fee of Rs 50 (Rs 25 for CGST and Rs 25 for SGST) is charged in all the other circumstances. This can go up to Rs 10,000.
What happens when you pay GST late?
Businesses that collect GST are required to pay it (less any credits) to the ATO either monthly, quarterly or annually depending on their turnover. Where the payment has not been made, the ATO will contact you. Interest, currently 8.96% p.a. calculated on a daily rate, will be added to the overdue amount.