Implications of Non-Compliance with GST Return Filing under Section 62 of CGST Act

Implications of Non-Compliance with GST Return Filing under Section 62 of CGST Act

The Goods and Services Tax (GST) regime, implemented in India in 2017, mandates registered taxpayers to regularly file returns to declare their taxable supplies and corresponding tax liabilities. However, failure to comply with this obligation can lead to significant consequences under Section 62 of the CGST Act.

Understanding Section 62 of CGST Act:

Subsection (1):

Subsection (2):

Additional Provisions:

Penalties under Section 62 of CGST Act:

Consequences of Non-Compliance under Section 62:

Key Points of Section 62:

Relief for Non-Filers:

Conclusion:

Section 62 of the CGST Act serves as a deterrent against non-filing of GST returns, empowering authorities to assess tax liability and impose penalties. However, it also provides an opportunity for rectification within a stipulated time frame, albeit with certain consequences. Taxpayers are strongly advised to adhere to prescribed deadlines to avoid unnecessary assessments, penalties, and legal complications.

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