5 surprising things to know about GST penalties, fees and interests

GST
  1. If you don’t file your return by the due date, you will have to shell out Rs. 200/- per day till you file your return as penalty.
  2. Filing does not mean submitting return. Return is filed only after you click file, enter your OTP and ARN is generated.
  3. Your tax liability is immaterial. If you are a registered person, you have to file your return even if there’s no tax liability, or there’s no sales, or your input credit exceeds output liability.
  4. Only late fees was waived for the month of July. The interest on late payment of tax was still applicable.
  5. There is a maximum limit of Rs. 10,000/- on the Rs. 200/- per day penalty being imposed.

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