Q77
Any registered taxable person who fails to furnish the details and file the return within the due date prescribed shall be liable to
A.
Interest at the rate of 1% per month
B.
Late fee of Rs. 100 for every day up to Rs. 5000
AnswerC.
Both (a) and (b)
D.
None of the above
Answer: Option B
Solution
Answer: Option B
Solution:
It has been decided that for subsequent months, i.e. October 2017 onwards, the amount of late fee payable, by a taxpayer whose tax liability for that month was „NIL‟, will be Rs. 20/- per day (Rs. 10/- per day each under CGST & SGST Acts) instead of Rs. 200/- per day (Rs. 100/- per day each under CGST & SGST Acts). For other taxpayers, whose tax liability for that month was not „NIL‟, late fee payable will be Rs. 50/- per day (Rs. 25/- per day each under CGST & SGST Acts) instead of Rs. 200/- per day (Rs. 100/- per day each under CGST & SGST Acts). Notification No. 64/2017-CT dated 15th November 2017 has already been issued in this regard.