Section 47 of GST – Levy of late fee. Check GST Section 47 In this section you may find all details for Levy of late fee as per GST Act 2017. Detailed Analysis of GST Section 47 of GST Act 2017 – Levy of late fee. We Provide Complete Details for All GST Section’s and In this article you may find all details for GST Section 47. Check Section Wise Analysis of GST Act 2017, Chapter Wise Analysis of GST All Sections. in this article you may find complete details regarding Section 47 of GST Act 2017 – Levy of late fee, gst all sections and definitions. Now Check more details from below…..
Section 47 of GST – Levy of late fee
(1) Any registered person who fails to furnish the details of outward or inward supplies required under section 37 or section 38 or returns required under section 39 or section 45 by the due date shall pay a late fee of one hundred rupees for every day during which such failure continues subject to a maximum amount of five thousand rupees.
(2) Any registered person who fails to furnish the return required under section 44 by the due date shall be liable to pay a late fee of one hundred rupees for every day during which such failure continues subject to a maximum of an amount calculated at a quarter per cent. of his turnover in the State or Union territory.
Analysis and Updates
This provision relates to levy of late fees on filing belated return
For late filing of return, the following late fee shall be levied:
|Defaulted Return||Late Fee|
|Details of Outward Supplies (Ref: Sec 37)||Rs 100 per day of delay Maximum Rs 5,000|
|Details of Inward Supplies (Ref: Sec 39)||same as above|
|Monthly Return (Ref: Sec 39)||same as above|
|Details of Supplies made by Composition dealers (Ref Sec 37)||Rs 25 per day of delay Maximum Rs 5,000|
|Final Return in case of cancellation of registration (Sec 45)||same as above|
|Annual Return (Sec 44)||Rs 100 per day of delay Maximum = 0.25% on Turnover in the state/UT*|
(Refer Note No. 2 for levy of late fees for failure to furnish details under section 37 or under section 38)
* “turnover in State” or “turnover in Union territory” means the aggregate value of all taxable supplies (excluding the value of inward supplies on which tax is payable by a person on reverse charge basis) and exempt supplies made within a State or Union territory by a taxable person, exports of goods or services or both and inter-State supplies of goods or services or both made from the State or Union territory by the said taxable person but excludes central tax, State tax, Union territory tax, integrated tax and cess
Explanation. – Aggregate turnover does not include the value of inward supplies on which tax is payable by a person on reverse charge basis under sub-section 3 of Section 9 and the value of inward supplies
Aggregate turnover = Total turnover – (input supplies for which tax paid under reverse charge + Central Tax + State Tax + UT Tax + Integrated Tax and Cess)
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