Is GST Late Fee Allowed As Expense?

Is late fee waived for Gstr 3b?

76/2018-State Tax, dated the 3rd September 2019.

Secondly, the average turnover of the assessee of more than Rs 1.5 crores and up to Rs 5 crores in the previous financial year for the taxation period February 2020 and March 2020, the late fee will be waived off if return in Form GSTR-3B..

How much is the late fee for GST?

The GST law has fixed a maximum late fees of Rs 5,000. This means that in any case, the maximum late fees that can be charged by the Government is Rs 5,000 each return being filed under each Act. The GST law has fixed a maximum late fees of Rs 10,000.

Which expenses are not tax deductible?

Non-deductible expenses Lobbying expenses. Political contributions. Governmental fines and penalties (e.g., tax penalty) Illegal activities (e.g., bribes or kickbacks)

Is GST allowed as expense?

Any tax, duty, cess or fee paid under any law in force is allowed as a deduction when it is paid- this includes GST, customs duty or any other taxes or cesses paid. Interest paid on these taxes are also eligible for deduction.

What is a golden rules of accounts?

You must record credits and debits for each transaction. The golden rules of accounting also revolve around debits and credits. … Debit the receiver and credit the giver. Debit what comes in and credit what goes out. Debit expenses and losses, credit income and gains.

What expenses can be claimed?

Which self-employed expenses are allowable expenses?Office expenses. You can include business stationery, printing costs (including printer ink), and postage. … Business premises. … Travel. … Stock and materials. … Legal and financial costs. … Business insurance. … Marketing. … Clothing.More items…•

What is the entry for GST paid?

GST Accounting entries Explained with examplesPurchase A/c Dr10000To Creditor/ Bank/ Cash A/c10000Tax is directly paid to the government.Input GST a/c (CGST/ SGST/ UTGST/ IGST) Dr1800To Bank/ Cash / RCM payable A/c1800Aug 14, 2020

Which expenses are not admissible expenses?

Office costs such as stationary, phone bills, or other items that you use for less than two years. Costs of business premises, such as utility bills and rent. Costs associated with buying property are not considered allowable expenses. Travel costs such as fuel, parking, or train tickets.

How can I waive my GST late fee?

Small taxpayers whose aggregate turnover is up to Rs 5 crore will be provided a waiver of late fees and interest if they file the form GSTR-3B for the supplies affected in months of May, June, and July 2020, by September 30, 2020, the notification added.

Can donation be claimed as expense?

The amount of donation which can be claimed as a deduction under section 80G is determined as per certain rules. You can claim either 100% or 50% of the amount donated as a deduction subject to ‘With’ or ‘Without’ the upper limit.

How GST late fee is calculated?

Late fees for GSTR-9 and GSTR-9A is Rs. 200 (Rs. 100 for CGST and Rs. 100 for SGST) per day up to a maximum of 0.50% (0.25% for CGST and 0.25% for SGST) of turnover.

How do I pass GST entry?

Following are the Accounting ledgers which needs to be maintained by assesse under GST for recording in books of accounts apart from Purchase, Sales and other ledgers.Input CGST A/C.Output CGST A/C.Input SGST A/C.Output SGST A/C.Input IGST A/C.Output IGST A/C.Electronic Cash Ledger (Government GST portal to pay GST)

How do you calculate GST in a journal entry?

Accounting Entries for GST Set off and Cash/Bank PaymentCGST Payable A/c__________ Dr. 50000. To CGST Input Credit A/c 30000. To IGST Input Credit A/c 20000.SGST Payable A/c__________ Dr. 50000. To SGST Input Credit A/c 30000. To Electronic Cash Ledger A/c 20000.IGST Payable A/c__________ Dr. 80000.

How can I avoid paying GST late fees?

It means that the maximum late fees that can be charged by the government, in any situation, are Rs 5,000 each return that is filed under each Act. The legislation has set a maximum late Rs 5,000 fee….Amount of Late fees applicable.Nil ReturnName of the ActReduced Late fees for every day of delayIGST ActRs 202 more rows