Consequences of late filing of GSTR 3B Return
Consequences of late filing of GSTR 3B Return 1. Late Fees under Section 47 of the CGST Act, 2017 – Starts Immediately after due date Late fees is the first consequence you will face for non-filing of GSTR 3B. The late fees will increase every day until it hits the capping limit. The fee will automatically be added in the next month’s GSTR 3B. Moreover, you can’t edit it, or you can’t proceed to file the return until you pay the late fees. 2. Interest under section 50 – Starts Immediately after due date If a taxpayer is required to pay tax within prescribed time but fails to pay, then for the delay in payment, interest @18 percent will be levied. The interest will be payable only if you use cash ledger balance to pay taxes. In other words, if you have enough input tax credit and you do not pay taxes using net banking/challan/balance already added in the cash ledger, then there won’t be any interest leviable on you. There is no concept of maximum capping in case of interest.