Growth Ideas

  GST LATE FEES REDUCED..... J une 2021 onwards, no need to worry about much of the GST Late Fees. GST Late fees have been reduced with some considerations. However we are not telling that not to pay GST in time. PAY TAX IN TIME AND RELAX. As per the Notification No. 19/2021 – Central Tax, Dt. 01/06/2021 , it is said that maximum late fees for delay in filing GSTR 3B have been reduced to some extent. Let's see what is in it.. For Register Tax Payers having,  👉 NIL TAX LIABILITY : Maximum of Rs. 500/- per  Return (CGST Rs. 250/- + SGST Rs. 250/-) 👉 Turnover up to Rs. 1.5 Cr. in previous F.Y., (having tax liability)  : Maximum of Rs. 2,000/- per  Return (CGST Rs. 1,000/- + SGST Rs. 1,000/-).    👉 Turnover up to Rs. 1.5 Cr. to Rs. 5 Cr.  in previous F.Y. , (having tax liability)   : Maximum of Rs. 5,000/- per  Return (CGST Rs. 2,500/- + SGST Rs. 2,500/-).  👉 Turnover more than Rs. 5 Cr.  in previous F.Y. , (having tax liability)  : Maximum of Rs. 10,000/- per  Return (CGST Rs.

GST AMNESTY SCHEME 2021 Hurray....!😃 The big relief for the GST Tax payers yet again introduced by the Central Government. This may the last chance to utilize the opportunity.   So..What is in it..? Let's get started... 👉 Applicable for : GSTR 3B Returns pending. 👉  Applicability Period : JULY 2017 to APRIL 2021 💥Condition : Pending GSTR 3B Returns for the period from JULY 2017 to APRIL 2021 shall be filed between 01/06/2021 to 30/11/2021 (extended Date) as per  Notification No. 33/2021, Central Tax, dt. 29/08/2021 . Earlier it was till 31/08/2021 via  Notification No. 19/2021, Central Tax, dt. 01/06/2021 .  What says this GST Amnesty Scheme..?   Normally Amnesty means there should be something beneficial. Isn't it? YES. There are benefits in the scheme as regards LATE FEES which is always be a big liability and headache for the tax payers. 👌 REDUCTION IN LATE FEES : Somehow happy news...!  Having Tax Liability as NIL : Maximum Late Fees capped (restricted) to Rs. 500/-