Filing GSTR-3B late costs you two separate things: a fixed late fee under Section 47 (₹50 a day, capped by your turnover), and interest under Section 50 on whatever tax you paid late — 18% per annum in the ordinary case, 24% per annum if the delay involves wrongly claimed and used Input Tax Credit. […]
GSTR-3B Late Fees, Interest & Penalties Explained Read More »
GST reconciliation means making sure four numbers agree: your books, what you declared in GSTR-1, what you paid through GSTR-3B, and what your suppliers reported to give you Input Tax Credit in GSTR-2B. When any two of these drift apart, the GST portal now catches it automatically and sends a system-generated notice — not a
GST Reconciliation: GSTR-1, GSTR-3B & GSTR-2B ITC Mismatch Explained Read More »
The GST Composition Scheme lets a business with turnover up to ₹1.5 crore (₹75 lakh in special category states) pay tax at a flat 1%, 5%, or 6% of turnover instead of the standard rate, in exchange for giving up Input Tax Credit and filing quarterly instead of monthly. It’s governed by Section 10 of
GST Composition Scheme: Eligibility, Rates & Rules Explained Read More »
