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.
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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 provides for late fee applicable on belated filing of statement / return(s) including belated filing of annual return.
For late filing of return, late fee as specified below will apply:
|Defaulted Return||Late fee under each CGST & SGST / UTGST Law||Revised late fee under each CGST & SGST / UTGST Law|
|Details of Outward Supplies (Ref: Section 37)||` 100 per day of delay with cap on maximum late fee of ` 5,000||` 25 per day each under CGST / SGST of delay (maximum of ` 5,000) In case of NIL return – ` 10 per day of delay maximum of ` 5000|
|Details of Inward Supplies (Ref: Section 38)||same as above||Not Applicable – As Form GSTR 2 is suspended for indefinite period|
|Monthly Return (Ref:
Section 39) – GSTR 3 /
|same as above||` 25 per day of delay (maximum of ` 5,000) In case of NIL return – ` 10 per day of delay maximum of ` 5000|
|Details of Supplies made
by Composition dealers
(Ref Sec 39(2))
|Rs 100 per day of delay with cap on maximum late fee of Rs 5,000||` 25 per day of delay (maximum of ` 5,000) In case of NIL return – ` 10 per day of delay maximum of ` 5000|
|Annual Return (Sec 44)||` 100 per day of delay with cap on maximum amount = 0.25% on turnover in the state / UT*||No revision|
|Final Return in case of cancellation of registration (Sec 45)||Same as applicable to regular
return / statement
(Refer Note No. 2 at the end of the chapter, for details of Notification reducing late fee for returns to be furnished in Form GSTR 1 and GSTR 3B.
* “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.
However, by way of Notification No. 1/2018 – Central Tax dated 01.01.2018, trader will have to pay taxes at 1% (0.5% CGST and 0.5% SGST) on turnover of taxable supply of goods in the State / Union territory, by this logic the late fee should also be calculated only on value of taxable supplies for the purpose of levy of late fee on belated annual return furnished in Form 9A, by composition taxpayer being a trader. However, contradictory view is also possible to say that the restricted meaning was provided only for the purpose of collecting taxes on supply of taxable goods and not otherwise.
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