Penalties for Late Filing of GST Annual Return & Audit Report

Consequence of failure to submit the annual return and not getting the accounts audited

Section 47(2) provides that in case of failure to submit the annual return within the specified time, a late fee shall be leviable. The said late fee will be Rs. 100 per day during which such failure continues subject to a maximum of a quarter percent of the turnover in the State/UT. There will be equal late fee under the respective State/UT GST law.

However, there is no specific penalty prescribed in the GST Law for not getting the accounts audited by a Chartered Accountant or a Cost Accountant. Therefore, in terms of Section 125 of CGST Act he shall be subjected to penalty up to 25,000/-. This section deals with general penalty and gets attracted where any person, who contravenes any of the provisions this Act, or any rules made thereunder for which no penalty is separately provided. Similar provision also exists under State/UT GST law as well.

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CA Ankit Gulgulia (Jain)

He is Founder Member at AGA Advisory, Practicing Chartered Accountant, Editor in Chief at Chartered Online and Fellow Member of ICAI. AGA has been Handling matters related to Taxation, Audits, Assurances, Corporate Laws and Finance field etc since 2010 with clients across multiple domains & cities. He has authored Books, panelled on TV-Talk Shows and conducted seminars / Trainings at various forums. Link to Complete Profile of AGA and CA Ankit Gulgulia (Jain)

CA Ankit Gulgulia (Jain)
About CA Ankit Gulgulia (Jain) 1082 Articles
He is Founder Member at AGA Advisory, Practicing Chartered Accountant, Editor in Chief at Chartered Online and Fellow Member of ICAI. AGA has been Handling matters related to Taxation, Audits, Assurances, Corporate Laws and Finance field etc since 2010 with clients across multiple domains & cities. He has authored Books, panelled on TV-Talk Shows and conducted seminars / Trainings at various forums. Link to Complete Profile of AGA and CA Ankit Gulgulia (Jain)

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