Save Rs 588 on a 2-Year Ad-Free CAclubindia Pro Membership. Subscribe Now!

Financial Year meaning under section 22

433 views

Save Share

Harsh

CA student

85 Points Posted on 18 March 2020

For purpose of section 22 of CGST Act 2017, what is the meaning of financial year?

Facts:

Client was registered under service tax and had 24 lakh turnover from April 2017 to June 2017.

GST turnover started in January 2018. No business was done from July 2017 to December 2017.

GST registration was taken from January 2018.

Question:

Is client liable to pay late fee for non filing of nil return of July 2017 to December 2017?

Replies (2)

Quick Summary

This discussion clarifies the meaning of a 'Financial Year' as per Section 22 of the CGST Act 2017, which runs from April 1st to March 31st. It addresses whether a client, who had prior service tax registration and a gap in GST operations, is liable for late fees on nil returns filed between July and December 2017. The consensus is that late fees may apply if the business wasn't formally closed with the GSTIN.

Eswar Reddy S

CFO- at NHTF

15022 Points Posted on 18 March 2020

Financial Year is from April to March

Since you had registered under Service tax you must have migrated to GST..

In your case you must have filed returns for July to December also

RAJA P M

"Do the Right Thing...!!!"

77833 Points Posted on 18 March 2020

What is the meaning of financial year?

- FY means from 1st April to 31st March which is the business transactions/activities.

Is client liable to pay late fee for non filing of nil return of July 2017 to December 2017?

- Yes... If he is properly not closed his business against the GSTIN (provisional number).