I raised some invoice to my client and it is still pending for last three months. Meanwhile, my contract with client has been revoked and client has not yet paid my dues. I did not pay the GST amount related to the invoices, I thought that there is no more business from that client, so I just ignored gst payment & return filing.
Now I came to know that I have been charged penalty for non filing GST return and actual amount has been increasing every month. I wanted to surrender my GST no. but heard that it will not help me and I will be black listed in CIVIL and I wont be abale to open a new company with my PAN no.
Plz some one let me know the correct consequences if I default payment of GST in my case.
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Non Payment and return filing of GST
Replies (2)
Dear Sir,
Please find belowprovisions for surrendering / cancellation of GST Registration
The cancellation of registration under this section shall not affect the liability of the person to pay tax and other dues under this Act or to discharge any obligation under this Act or the rules made thereunder for any period prior to the date of cancellation whether or not such tax and other dues are determined before or after the date of cancellation.
The cancellation of registration under the State Goods and Services Tax Act or the Union Territory Goods and Services Tax Act, as the case may be, shall be deemed to be a cancellation of registration under this Act.
Every registered person whose registration is cancelled shall pay an amount, by way of debit in the electronic credit ledger or electronic cash ledger, equivalent to the credit of input tax in respect of inputs held in stock and inputs contained in semi-finished or finished goods held in stock or capital goods or plant and machinery on the day immediately preceding the date of such cancellation or the output tax payable on such goods, whichever is higher, calculated in such manner as may be prescribed:
Provided that in case of capital goods or plant and machinery, the taxable person shall pay an amount equal to the input tax credit taken on the said capital goods or plant and machinery, reduced by such percentage points as may be prescribed or the tax on the transaction value of such capital goods or plant and machinery under section 15, whichever is higher.
The amount payable under sub-section (5) shall be calculated in such manner as may be prescribed.
Regards,
Sakpal Nitin
Thanks Mr. Sakpal.
In my case, where output tax is due, plz let me know if there is penalty chargeable for delay in payment and if so what is the rate of such penalty?
In my case, where output tax is due, plz let me know if there is penalty chargeable for delay in payment and if so what is the rate of such penalty?
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