Q1. Is there any waiver of late fee for GST returns?

The government occasionally announces amnesty schemes for waiver of late fees, particularly for small taxpayers. However, these are time-bound and not permanent. For FY 2024-25, check the latest notifications from CBIC for any active amnesty schemes.

Q2. What happens if I file GST return but don't pay the tax?

Filing return without payment of tax is considered invalid filing. You will be liable to pay interest at 18% p.a. from the due date till actual payment. Additionally, you may face penalty proceedings for suppression of tax liability.

Q3. Can I revise my GST return if I made a mistake?

GST returns cannot be revised once filed. However, you can correct errors in subsequent returns. For major errors, you may need to file an amendment or submit a letter to the jurisdictional officer explaining the mistake.

Q4. What is the maximum late fee for GST returns?

The maximum late fee is capped at 0.25% of the turnover in the state/UT. For nil returns, the maximum late fee is ₹1,000 per return (₹500 each under CGST and SGST).

Q5. Can I be imprisoned for GST non-compliance?

Yes, in cases of serious offenses like tax evasion of significant amounts, fake invoicing, or repeat offenses, imprisonment is possible. The term can range from 1 to 5 years depending on the amount of tax evaded.

GST

GST Penalties & Late Fees for FY 2024-25 Explained

Avoid costly penalties! Complete guide to GST penalties, late fees, and compliance requirements for FY 2024-25. Expert insights by Liquetax.

What this guide covers

What does GST Penalties & Late Fees for FY 25 Explained mean in practice?
Who is affected and what should they check first?
Which documents or records should be kept ready?
What common mistakes should be avoided?