The merchant should pay a fine with a late fee if not able to occupy GST return on time
The loopholes inside the GST are already disturbing the traders. Presently the govt has made a system of penalties for not documenting the GST returns in time. On account of this, the matter of traders might increase further. Fines will be imposed on traders who don’t file GSTR 9 and GSTR 9C returns for the financial year 2019-20. Merchants additionally will be charged late fees for recording returns.
December 31, 2020, was the last date to file GST returns for the financial year 2019-20 yet it had been extended for a very long time on account of Corona. The traders were then required to file returns by 28 February. Even on February 28, an outsized number of traders couldn’t fill returns. However, presently the govt has again extended the date of documenting returns to 31 March. The measure of merchants registered in GST inside the region is 7600. Watching the figures, quite 25 percent of the traders had not filed returns till 28 March. Albeit the date has been extended, preparations additionally are being made against traders not recording returns. Merchants who don’t file returns by 31 March will be charged a fine, alongside late fees additionally will be charged.
Merchants benefit less, lose more
GST, traders acquire less, losses are higher. There are numerous such arrangements in GST during which traders are entangled. Merchant associations are demanding reforms in GST, however, the govt isn’t listening. Traders who do things correctly have more trouble than the arrangements of GST. Businessmen discover how or the opposite. The govt has done well by extending the date of recording GST returns, however, the necessity is that the deficiencies of GST ought to be removed
Multiple screws in GST
From one perspective, some traders are upset with the intricacies of GST and a few are horrible businessmen who capitalize on the issues and defraud the govt. Due to these intricacies, they need to be turned the govt into an awful lime. Through fraudulent bills, numerous businessmen are exploiting GST input decrease. GST actually needs improvement. Most traders are worried about its deficiencies. GST has become a source of harassment to traders. inside the Corona era, the relief given by the govt in documenting returns will currently be more troublesome for traders.
There are 7600 GST registered traders inside the area. The date for documenting GST returns till now was 28 February. an outsized number of traders didn’t file returns. Presently the date has been extended to 31 March. Activity will be taken against traders who don’t file returns in time. Alongside collecting the penalty, late fees likewise should be paid.