Levy of late fee Sec 47 of CGST Act, 2017
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The below post explains about Levy of late fee under section 47 of CGST Act,2017.
Section 47 of CGST Act, 2017 explains Levy of late fee as below: (The amendments if any will also be updated here soon).
The extract of Section 47 of CGST Act,2017 quoted below:
47 Levy of late fee.
47. (1) Any registered person who fails to furnish the details of outward or inward
supplies required under section 37 or section 38 or returns required under section 39 or
section 45 by the due date shall pay a late fee of one hundred rupees for every day
during which such failure continues subject to a maximum amount of five thousand
rupees.
(2) Any registered person who fails to furnish the return required under section 44 by
the due date shall be liable to pay a late fee of one hundred rupees for every day during which
such failure continues subject to a maximum of an amount calculated at a quarter per cent. of
his turnover in the State or Union territory.
The above information clarifies about Levy of late fee under section 47 of CGST Act,2017.
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