SHORT ANSWER:
The penalty for not filing a GST return on time is a late fee.
DETAILS:
- The late fee is ₹50 per day for CGST and ₹50 per day for SGST, subject to a maximum of ₹10,000.
- For taxpayers with no tax liability, the late fee is reduced to ₹20 per day.
PUNISHMENT / IMPLICATIONS (if applicable):
- Interest may also be charged on the unpaid tax amount.
SOURCE:
- Goods and Services Tax Act, 2017
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