Merchant Must Pay Fine With A Late Fee If Not Able To Fill GST Return On Time
The loopholes within the GST are already troubling the traders. Now the govt has made a system of penalty for not filing the GST returns in time. Thanks to this, the matter of traders may increase further. Fines are going to be imposed on traders who don’t file GSTR 9 and GSTR 9C returns for the fiscal year 2019-20. Merchants also will be charged late fees for filing returns.
December 31, 2020, was the last date to file GST returns for the fiscal year 2019-20 but it had been extended for 2 months thanks to Corona. The traders were then required to file returns by 28 February. Even on February 28, an outsized number of traders couldn’t fill returns. However, now the govt has again extended the date of filing returns to 31 March. The amount of merchants registered in GST within the district is 7600. Watching the figures, quite 25 percent of the traders had not filed returns till 28 March. Although the date has been extended, preparations also are being made against traders not filing returns. Merchants who don’t file returns by 31 March are going to be charged a fine, alongside late fees also will be charged.
Merchants benefit less, lose more
GST, traders gain less, losses are higher. There are many such provisions in GST during which traders are entangled. Merchant organizations are demanding reforms in GST, but the govt isn’t listening. Traders who do things correctly have more trouble than the provisions of GST. Businessmen find how or the opposite. The govt has done well by extending the date of filing GST returns, but the necessity is that the shortcomings of GST should be removed
Multiple screws in GST
On the one hand, some traders are upset with the intricacies of GST and a few are vicious businessmen who cash in on the issues and defraud the govt. Due to these intricacies, they need to be turned the govt into a nasty lime. Through fraudulent bills, many businessmen are taking advantage of GST input decrease. GST still needs improvement. Most traders are worried about its shortcomings. GST has become a source of harassment to traders. within the Corona era, the relief given by the govt in filing returns will now be more troublesome for traders.
There are 7600 GST registered traders within the district. The date for filing GST returns till now was 28 February. an outsized number of traders didn’t file returns. Now the date has been extended to 31 March. Action is going to be taken against traders who don’t file returns in time. Alongside collecting the penalty, late fees also will need to be paid.