1. Avoiding Penalties and Late Fees No Late Filing Penalty: Filing GST returns on time helps you avoid late fees of: ₹20 per day (₹10 for CGST and ₹10 for SGST) for NIL returns. ₹50 per day for regular returns. No Interest: Prevents interest charges (18% per annum) on...
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How to register for GST as a business owner?
Step 1: Determine Eligibility for GST Registration Mandatory Registration: Businesses with an annual turnover exceeding ₹40 lakh (₹20 lakh for special category states or service providers). Interstate supply of goods/services. E-commerce operators or sellers. Reverse...
What are the steps to file GST returns?
Step 1: Understand Your GST Filing Requirements Determine Return Type: Identify which GST returns you need to file based on your business type and GST registration (e.g., GSTR-1, GSTR-3B, GSTR-9). Frequency: Monthly (Regular taxpayers). Quarterly (Small taxpayers...
Why is GST filing mandatory for businesses?
1. Legal Requirement GST filing is mandated under the GST Act, 2017 for businesses exceeding specific turnover thresholds or meeting other criteria. Non-compliance can lead to penalties, interest, and legal consequences, such as cancellation of GST registration. 2....