Consequences of non filing of GSTR 1 on or before due date

According the Goods and Services Act, 2017 there is penalty provision for non filing of GSTR 1 on or before due date

Notification No. 74/2019 – Central Tax dated 26th December,2019

(deemed to have come into force with effect from the 19th day of December, 2019)
• Amends the Notification No. 4/2018 – Central Tax dated 23rd January, 2018
• Late fee payable under section 47 of the CGST Act shall stand waived for the registered persons who failed to furnish the details of outward supplies in FORM GSTR-1 for the months/quarters from July, 2017 to November, 2019 by the due date but furnishes the same in FORM GSTR-1 between the
period from 19th December, 2019 to 10th January, 2020.

Late Fees for GSTR-1

Rs.50 per day

Rs.20 Per day where there are no outward supplies in any month/ quarter

subject to a maximum amount of Ten thousand rupees

 Second consequance is

If any taxpayer does no file GSTR 1 on or before due date purchaser will not bale to take  Input Tax Credit in same month or quarter, in such case purchaser’s  need to pay equivanent amount in cash.