Late filling in GST

Sairam, call on 9376642360 for GST
Late filing

Return filing is mandatory under GST. Even if there is no transaction, you must file a Nil return.

You cannot file a return if you don’t file previous month/quarter’s return.Hence, late filing of GST return will have a cascading effect leading to heavy fines and penalty.

Late fee & Interest

Interest is 18% per annum. It has to be calculated by the tax payer on the amount of outstanding tax to be paid. Time period will be from the next day of filing to the date of payment.As per GST Act Late fee is Rs. 100 per day per Act. So it is 100 under CGST & 100 under SGST. Total will be Rs. 200/day. Maximum is Rs. 5,000. There is no late fee on IGST.Late fees for GSTR-3B of July, Aug and Sept waived. Any late fees paid for these months will be credited back to Electronic Cash Ledger under ‘Tax’ and can be utilized to make GST payments.As per latest update, late fees for GSTR-5A earlier reduced stands withdrawn. So, the Late fee of Rs 200 per day (or Rs. 100 per day in case of NIL return filing) shall apply with effect from 7th March 2018.Late Fee for filing GSTR-1, GSTR-3B, GSTR-4, GSTR-5 & GSTR-6 after the due date has been reduced to Rs. 50 per day of delay.Late fee for filing NIL returns have been reduced to Rs. 20 per day of delay for taxpayers(i.e having Nil tax liability for the month) for GSTR-1, GSTR-3B and GSTR-4 & GSTR-5.

GST coupled with entertainment tax is becoming a challenge for the film industry Read more at: http://gstblog.i-tax.in/Single-News/gst-coupled-with-entertainment-tax-is-becoming-a-challenge-for-the-film-industry

Sairam, call on 9376642360 for gst

At the box office front, the film industry is enjoying a strong run in 2018. However, the sector is still dealing with the spillover effect of goods and services tax (GST) that came into effect last year. While players of the entertainment space saw the unified tax system as a ray of hope, it has increased the tax burden on the industry. Since October 5, movie-goers in Madhya Pradesh have been unable to watch films as theatres have shut shop. This is due to the entertainment tax levied by some local bodies in the state. Taxes in the range of 5-15 percent have been announced, which is in addition to GST. Around 400 theatres have downed their shutters in protest of local body taxes. What are local body taxes? Local body taxes (LBT) are taxes which the state government can direct a city’s local authority to collect. Madhya Pradesh not alone The industry had made known its displeasure on the high 28 percent GST rate. But their disappointment didn’t end there. They were later burdened with dual taxes — something the industry had feared from the beginning. Theatres in Tamil Nadu had shut shop when local body taxes were announced in the state last year. Movie tickets in Tamil Nadu are levied entertainment tax at the rate of 8 percent on Tamil films and 20 percent on other films. This is over and above GST. GST woes In an analysis of 20 states and Union Territories performed by the Multiplex Association of India, 28 percent GST on tickets would have a negative impact in 12 states, neutral in one and positive in 7, a report titled ’Media ecosystems: The walls fall down’ said.

Read more at: http://gstblog.i-tax.in/Single-News/gst-coupled-with-entertainment-tax-is-becoming-a-challenge-for-the-film-industry