GSTR-3B Filing Deadline Passed: File Now to Avoid Penalties and GST Registration Cancellation
By: Admin
Date: November 22, 2024
Category: GST Recent News
Reading Time: 4 Minutes
The deadline for filing GSTR-3B was November 20, 2024, for most GST-registered taxpayers, except in Maharashtra and Jharkhand, where it was November 21, 2024. GSTR-3B simplifies GST compliance by summarizing outward supplies, reverse charge inward supplies, and input tax credit (ITC) calculations. It is critical for reconciling GST liabilities for a given tax period.
Consequences of Late Filing
Failure to file GSTR-3B by the deadline can lead to:
- Late Filing Penalty
Nil Return: ₹20/day (₹10 under CGST + ₹10 under SGST).
Normal Return: ₹50/day (₹25 under CGST + ₹25 under SGST).
- Interest on Tax Dues
An 18% annual interest is levied on unpaid tax dues from the due date until the payment date.
Non-compliance for multiple months can escalate into stricter penalties, including restricted e-way bill generation.
Risk of Losing ITC Benefits
The last date to claim pending ITC for FY 2023-24 is November 30, 2024.
Failing to file GSTR-3B by this date results in:
Permanent loss of ITC: Taxpayers cannot offset output tax liability, leading to a higher tax burden.
No corrections allowed: Errors in earlier filings cannot be amended post-November 30, 2024.
GST Registration Cancellation
Non-filing of GST returns for:
Six months (regular taxpayers) or two periods (composition scheme) can trigger show cause notices.
Prolonged non-compliance may result in suo moto cancellation of GST registration by the department.
Take Action Now
- File Pending GSTR-3B Returns Immediately: Avoid additional penalties.
- Rectify Errors: Address discrepancies in previous filings before November 30, 2024.
- Consult Professionals: Seek assistance to maintain compliance and mitigate risks.
Timely filing ensures access to ITC benefits, avoids penalties, and prevents complications such as GST registration cancellation. Deadlines are more than just dates—they are essential for smooth compliance.
