Penalties and loss upon failing to file GST returns:
Coming to penalties and loss, there are certain essential “punishment ” for the public to become serious, the government has decided some radical remedies. If anyone mistakenly file income tax return after the due date, they cannot file a revised return later. Moreover, if the tax accessing officer finds any wrong statement, he would not accept for revised return and the mistake would be penalized as per rules. Again, in case of belated return, no one can claim an interest on refunds, else he will be losing interest for at-least four months – April, May, June, July as such.
If you want to hold on to the gain, your should not wait to file a belated return which will make sure no forward losses.
It is on the nature of men to be late usually by the time he realizes the forthcoming consequences. Therefore delayed return where tax remains unpaid or other liabilities, filing you return after the due date will cost you interest @1% per month form the due date of filing the return till the actual date of filing. And this might exceed to cash of 3000. Penalties of 5000 can be levied on the person who failed to file tax return even by the slightest a day delay under section 271F for being late submission. This can happen in extreme cases, yet not at all false alarm.
There can be many consecutive consequences followed by the failing of payment and filing of of income tax returns. It is advisable to take the help of a CA or tax return preparer to file late returns. As belated returns cannot be revised, the taxpayers should be careful with the documents and statements provided. Meanwhile, those filing belated returns may be denied refunds too. Willful defaults on tax payment ache you to jail for years and so. Taxpayers should avoid the common mistakes while filing the belated returns like offering bank statements and so. For the advantage, individual tax payers, advance tax is due in case the tax liability is more than 10000 after accounting for TDS. Therefore, to be free from any penalties and loss, you should pay a visit to your CA or get help from who has information.