on quoting missed exempt.sales.in GSt annual return for financial year 2018-19 , is a composite scheme trader Liable to pay tax or penality on it?if trader does sell of exempted and tax both goods
experts kindly clear this doubt
Menu
Exempted sales in gst
Replies (3)
Quick Summary
No there will no tax,inerest or penalty.
As per section 50 of CGST Act Interest is applicable where any tax due not paid by due date & As per Section 47 late fee is applicable where return is filed after due date & not even the Penalty is invoke , as there is no evasion of Tax .
So need not worry & report your missed exempted sale in Annual Return.
As per section 50 of CGST Act Interest is applicable where any tax due not paid by due date & As per Section 47 late fee is applicable where return is filed after due date & not even the Penalty is invoke , as there is no evasion of Tax .
So need not worry & report your missed exempted sale in Annual Return.
No there will be no interest & penalty as no tax has been lost by the government.
You can report the exempted sales while filing the Annual Return for FY 2018-19
Thanks a lot sir🙏
Recent Topics :
- Guidence requested for a Finance Professional with
- Expert Opinion Required – Form 140 Gross Amo
- WRONG TAX DEMAND - formal responses , rectificatio
- Foreign remittance
- Affordable Residential Flats in Gurgaon
- Manufacturing
- TAN REGISTRATION ON E-FILLING SITE
- Form 10-IEA – Continuing Old Regime
- Income tax act 2026
- Belated Return where Form 10IEA filed this year to
Related Topics :
CAclubindia
