New Delhi: Reports have been coming that over 36 lakh businesses have made their maiden filings under the GST regime, which kicked in from July 1 and still in progress after the last date has been extended. The deadline for filing first monthly return and payment of taxes under GST, However, businesses that availed transitional credit were allowed to file returns till August 28 after paying taxes on self-assessment basis by August 25.
As per the GST law, any registered person who fails to furnish details of outward or inward supplies or returns required by the due date will have to pay a late fee of Rs 100 for every day during which such failure continues subject to a maximum Rs 5,000. Besides, every person who fails to pay the tax within the period prescribed will be required to pay interest at 18 percent from the day succeeding the day on which such tax was due to be paid. The revenue department had estimated collection of around Rs 65,000 Crore INR from the maiden GST.