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What happens if GST not filed?
If you don’t file any GST return then subsequent returns cannot be filed. For example, if GSTR-2 return of August is not filed then the next return GSTR-3 and subsequent returns of September cannot be filed. Hence, late filing of GST return will have a cascading effect leading to heavy fines and penalty (see below).
What happens if I don’t use my GST number?
If your business comes under recommended guidelines of Goods and Services Tax, then applying for GST registration is essential. If you don’t follow the prescribed rules and regulations, then your business is liable to pay fine.
Can GST number be Cancelled?
The registration granted under GST can be cancelled for specified reasons. The cancellation can either be initiated by the department on their own motion or the registered person can apply for cancellation of their registration. In case of death of registered person, the legal heirs can apply for cancellation.
Can I file nil GST return?
Yes, nil GSTR-1 return must be filed by all regular taxpayers having GST registration even if there were no sales transaction in a month. If the taxpayer fails to file GSTR-1 return, a penalty of Rs. 100 per day shall apply.
How do I opt out of GST?
Meaning of cancellation of GST registration He will not have to pay or collect GST or claim input tax credit and accordingly, need not file GST returns.
Is it mandatory to file a nil return under GST?
It is mandatory for every registered taxpayer to file GST Return. Taxpayers with no business transactions should file Nil Return within the due date. Consequences for not filing a NIL Return:
Do I have to file GST returns after getting a GST number?
Yes, after getting the GST Registration number, you must submit GST returns. If there is no transaction in your business, just file nil returns. Even if you do not carry any business buy having GST number, you are required to file returns. This billion dollar startup is changing the way people retire.
What if there are no GST invoices issued during the month?
Hence, even if there were no invoices issued during a month, the taxpayer must login to the GST Portal and submit a NIL return. If NIL return is not filed, a penalty of Rs.100 per day is applicable until the filing is complete. Hence, all taxpayer having GST registration must submit NIL GST return before the deadline.
Why is the ITC of the recipient not confirmed under GST?
In other words, unless the supplier has paid the entire self-assessed tax and filed his return and the recipient has filed his return, the ITC of the recipient would not be confirmed. Will there be any GST implication on goods returned under the GST regime which were sold before July 1, 2017?