Avoid Late Fees by filling tax Returns before 31st December 2020

• December 8, 2020
• CA Chandan Agarwal's Office

Arjun (Fictional Character): Krishna, What are the compliances regarding GST to be done before 31^st Dec 2020?

Krishna (Fictional Character): Arjuna, In GST Five important compliances, are done before 31^st December 2020 which are as follows:

1. GSTR 9 –  GST Annual Return for 2018-19 Mandatory if Turnover more than 2 Crore.

2. GSTR 9C- GST Audit Report for 2018-19 Mandatory if Turnover More than 5 Crore.

3. GSTR 9 –  GST Annual Return for 2019-20, Mandatory if Turnover more than 2 Crore.

4. GSTR 9C- GST Audit Report for 2019-20, Mandatory if turnover More than 5 crores.

 If the above GST returns not filed before 31^st December 2020 then Taxpayer has to pay Late fees of Rs. 200 per day for GSTR 9 and for GSTR 9C ( Audit report) no specific provision hence a Maximum general penalty of Rs. 25000/- may be levied.

Arjun (Fictional Character): Krishna, What are the compliances regarding Income Tax which need to be done before 31^st December 2020?

Read more on: https://taxguru.in/goods-and-service-tax/avoid-late-fees-filling-tax-returns-31st-december-2020.html