Introduction:
Goods and Services Tax (GST) was introduced in India on July 1st, 2017, with the objective of bringing all indirect taxes under one umbrella. As a result, every business, irrespective of its size or nature, must register under GST and file monthly GST returns. However, non-filing of monthly GST returns can lead to consequences such as a notice from the GST Department. This blog post aims to explain what happens when a business fails to file monthly GST returns and how we, as a tax consulting company, can help.
What happens when a business fails to file monthly GST returns?
Under the GST Act, every registered person is required to file monthly GST returns. However, if a registered person fails to file their monthly returns on time, they are liable to pay a late fee of INR 50 per day (for Central GST and State GST). Additionally, a late filing of monthly returns will also attract interest at the rate of 18% per annum on the amount of tax unpaid.
Furthermore, non-filing of GST returns can also lead to a notice from the GST Department. If a business fails to file its monthly returns for two consecutive months, the GST Department may issue a notice to the registered person. The notice requires the person to file the missing returns within 15 days of receiving the notice. If the person fails to file the returns within 15 days, then the GST Department can initiate an audit or investigation.
How can we help as a tax consulting company?
As a tax consulting company, we understand that filing monthly GST returns can be time-consuming and complex. However, we have a team of experienced professionals who can help businesses file their monthly GST returns accurately and on time. Our services include:
- Registration under GST: We can help businesses register under GST and obtain a GST Identification Number (GSTIN).
- Filing of monthly GST returns: Our team can assist businesses in filing their monthly GST returns accurately and on time, thereby avoiding any late fee or interest charges.
- Responding to notices from the GST Department: In case a business receives a notice from the GST Department, our team can help in responding to the notice and filing the missing returns within the specified time limit.
- GST Refunds: We can also assist businesses in processing their GST refunds.
Conclusion:
In conclusion, non-filing of monthly GST returns can lead to consequences such as late fees, interest charges, and notices from the GST Department. However, with the help of our tax consulting company, businesses can ensure that their monthly GST returns are filed accurately and on time, avoiding any unnecessary penalties or notices. We have a team of experienced professionals who can assist businesses in all aspects of GST compliance, including registration, filing of returns, and responding to notices from the GST Department. Contact us today via phone at 9121478493 or email at info@hyderabadtax.com to learn more about our services.