GST Jamku AILevy of late fee
47(1)
Any registered person who fails to furnish the details of outward supplies required under section 37 or returns required under section 39 or section 45[or section 52] 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.
In simpler terms, if you don't give the required details or submit your returns on time, you'll have to pay a fine of one hundred rupees for each day of delay, with the total fine not exceeding five thousand rupees. It's important to meet the deadlines to avoid incurring these late fees.
47(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.
If a person who is registered fails to submit their required tax return by the due date, they will have to pay a late fee. This fee is determined by the rules set out in section 44.
Late Fee Amount
The late fee is fixed at one hundred rupees for each day the failure to submit the return continues. However, there is a maximum limit. The highest amount one might have to pay is calculated at a quarter per cent of the person's turnover in the State or Union territory.
Calculation Example
For a better understanding, let's consider an example. If a person's turnover is a certain amount, the late fee will be calculated based on a quarter per cent of that turnover. This ensures that the late fee is proportionate to the business's size and activities.
Conclusion
It's crucial for registered individuals to submit their tax returns on time to avoid incurring late fees. Understanding the rules outlined in section 44 is essential to comply with the regulations and manage financial responsibilities effectively.