QRMP
This query is : Resolved
08 February 2021
Hello, Please clear that whether late fee is payable on IFF. for not filing. In case when only sale is B2C only. and No tax is payable as ITC is availabe more than sale on Tax ledger account.
10 July 2024
Late fees are applicable for delayed filing of returns under GST, including the Invoice Furnishing Facility (IFF), irrespective of whether the sales are B2C (Business to Consumer) and no tax payment is due. Here’s a clear breakdown:
### Late Fee on Delayed Filing of IFF:
1. **Applicability**: Late fees are applicable if the IFF is not filed within the due date prescribed by GST laws.
2. **Amount**: The late fee is typically Rs. 50 per day of delay (Rs. 25 per day each for CGST and SGST), subject to a maximum of Rs. 5,000.
3. **Scenario - B2C Sales with No Tax Liability**:
- Even if your sales are only B2C and no tax liability (zero tax) arises due to sufficient Input Tax Credit (ITC), late fees are still applicable for not filing the IFF on time.
- The presence of ITC availability does not exempt or waive the late fee for delayed filing.
### Important Points to Note:
- **Compliance Requirement**: It’s crucial to file the IFF within the stipulated due date to avoid late fees, regardless of whether tax payment is required.
- **Regular Monitoring**: Keep track of due dates and ensure timely submission of IFF to avoid penalties.
- **GST Portal Notifications**: The GST portal may send reminders for late filing and may also show the accrued late fees when filing returns.
### Conclusion:
Late fees for delayed filing of IFF apply irrespective of the tax liability on sales. Therefore, it’s advisable to adhere to the filing timelines to avoid unnecessary penalties and to maintain compliance with GST regulations. If you have missed filing deadlines, consider filing at the earliest to minimize late fees.
### Late Fee on Delayed Filing of IFF:
1. **Applicability**: Late fees are applicable if the IFF is not filed within the due date prescribed by GST laws.
2. **Amount**: The late fee is typically Rs. 50 per day of delay (Rs. 25 per day each for CGST and SGST), subject to a maximum of Rs. 5,000.
3. **Scenario - B2C Sales with No Tax Liability**:
- Even if your sales are only B2C and no tax liability (zero tax) arises due to sufficient Input Tax Credit (ITC), late fees are still applicable for not filing the IFF on time.
- The presence of ITC availability does not exempt or waive the late fee for delayed filing.
### Important Points to Note:
- **Compliance Requirement**: It’s crucial to file the IFF within the stipulated due date to avoid late fees, regardless of whether tax payment is required.
- **Regular Monitoring**: Keep track of due dates and ensure timely submission of IFF to avoid penalties.
- **GST Portal Notifications**: The GST portal may send reminders for late filing and may also show the accrued late fees when filing returns.
### Conclusion:
Late fees for delayed filing of IFF apply irrespective of the tax liability on sales. Therefore, it’s advisable to adhere to the filing timelines to avoid unnecessary penalties and to maintain compliance with GST regulations. If you have missed filing deadlines, consider filing at the earliest to minimize late fees.
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