PENAL PROVISIONS
Late Fees:
- On Nil return Rs 10/- each per day for CGST and SGST
- On other than Nil Return Rs 25/- each per day on CGST and SGST
Interest:
- On delayed payment of tax – 18% PA
- On excess claim of ITC – 24% PA
Note: Interest of 18% PA shall be levied only on the net tax payable after set-off of ITC for the month.
Other Penalties:
Penalty of Rs 10,000/- or equivalent amount of tax evaded for the following infractions:
- Supply of Goods without issue of invoice or improper invoice.
- Tax collected but not paid within 3 months from the due date of its payment
- Improper ITC
- Claim of fraudulent refunds
- Fails to maintain proper books of account
Address - 804A, 8th Floor, Naman Midtown, Senapati Bapat Marg, Elphinstone Road, Mumbai 400013
Contact - +91-22-62295100
Email - [email protected]