Not Submitted GSTR-1 toady

Every registered person is required to file the requisite returns as per their respective due dates, like GSTR 1 by the 10th of the succeeding month, GSTR 2 by 15th of Succeeding month and GSTR 3 by 20th of succeeding month and such other returns.

There are two possible consequences:

1. Legal Consequences: A registered person who files return beyond the prescribed date will have to pay late fees of rupees one hundred for every day of delay subject to a maximum of rupees five thousand. For failure to furnish Annual returns by the due date, a late fee of Rs. One hundred for every day during which such failure continues subject to a maximum of an amount calculated as a quarter percent [0.25%] of his turnover in a state, will be levied.
2. Practical Consequences : Credit of taxes paid by the recipient to the Supplier shall be available to the recipient only if the Supplier has furnished the details of the same in the GSTR 1 and paid the requisite mothly taxes to the Government. Also the recipient can take credit only after he accepts the credit in GSTR 2 which shall happen after the Supplier has disclosed about the recipients share of GST in his GSTR 1. Hence if either one of them do not file the return then the Input Tax Credit shall not be available and this shall lead to break in Input Tax Credit chain. Also if the Supplier does not file the returns, the recipient won't be able to take the Input Tax Credit and hence would restrain from doing business with that particular Supplier.