30 October 2017
1.A penalty of Rs.100 per day is applicable for late filing of GST return. The penalty would be payable for the period in which the taxpayer failed to furnish the return up to a maximum penalty of Rs.5000. 2.If a taxpayer fails to furnish GST returns for more than a month or two, a GSTR-3A notice maybe be issued by the GST authorities. On issuing GSTR-3A notice, the taxpayer is provided a period of 15 days to regularise GST return filing by paying any penalty as shown on the GST portal. If the pending GST returns are not filed within 15 days of GSTR-3A notice, then the GST Officer could assess tax liability, fines and penalty based on the information available and make the same payable by the taxpayer. 3.If a taxpayer continues to default on filing GST returns, even after receiving notice GSTR-3A, the GST registration can be cancelled. The GST registration of taxpayers who are required to file monthly tax returns can be cancelled if the taxpayer fails to file GST returns continuously for a period of six months. 4.Under GST, all taxpayers will be provided with a compliance rating score based on the track-record of GST return filing, GST payment and other requirements. GST compliance rating score would be published in the public domain or GST portal for all GST taxpayers and can be accessed by anyone. Hence, any business that fails to furnish GST returns or make GST payment on time could be adversely impacted by the GST rating score.
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