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
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.