PRAJAPATI_s & P

PRAJAPATI_s & P 1. IT return for individual or proprietor or small businesses,
2. GST return & Registration
3. TDS or TCS Return
4. Accountancy
5. PAN application
6.

MSME/UDYAM Aadhar application
7. GEM portal Registration
8. Business, Personal & Home Loan..etc.

7 Fund ManagersPRAJAPATI_s & P
24/08/2026

7 Fund Managers

PRAJAPATI_s & P

24/08/2026

& Alerts

*📢 GST – Updated Position*

📚 Statutory Reference: 47, CGST Act, 2017

📌 GST late fee under the CGST Act generally has an equal levy under SGST/UTGST, making the combined amount ordinarily double the CGST amount shown below.

⚠️ Note: This covers the current regular regime and excludes expired amnesty schemes and specific due-date extensions.

*📑 A. Periodic / Regular Returns & Statements*

1️⃣ NIL outward supplies – GSTR-1
• Late Fee: ₹10 per day (CGST)
• Maximum: ₹250 (CGST)
• Applicable for tax periods from June 2021 onwards.

2️⃣ Total central tax payable is NIL – GSTR-3B
• Late Fee: ₹10 per day (CGST)
• Maximum: ₹250 (CGST)
• Applicable for tax periods from June 2021 onwards.

3️⃣ Other than NIL – AATO up to ₹1.5 crore – GSTR-1 / GSTR-3B
• Late Fee: ₹25 per day (CGST)
• Maximum: ₹1,000 (CGST)
• Applicable for tax periods from June 2021 onwards.

4️⃣ Other than NIL – AATO above ₹1.5 crore up to ₹5 crore – GSTR-1 / GSTR-3B
• Late Fee: ₹25 per day (CGST)
• Maximum: ₹2,500 (CGST)
• Applicable for tax periods from June 2021 onwards.

5️⃣ Other than NIL – AATO above ₹5 crore – GSTR-1 / GSTR-3B
• Late Fee: ₹25 per day (CGST)
• Maximum: ₹5,000 (CGST)
• Statutory ceiling continues.

6️⃣ Composition taxpayer – Central tax payable is NIL – GSTR-4 (Annual)
• Late Fee: ₹10 per day (CGST)
• Maximum: ₹250 (CGST)
• Applicable from FY 2021-22 onwards.

7️⃣ Composition taxpayer – Other than NIL – GSTR-4 (Annual)
• Late Fee: ₹25 per day (CGST)
• Maximum: ₹1,000 (CGST)
• Applicable from FY 2021-22 onwards.

8️⃣ TDS Deductor – TDS is NIL – GSTR-7
• Late Fee: NIL
• Maximum: NIL
• Full waiver for NIL-TDS months with effect from 1 November 2024.

9️⃣ TDS Deductor – TDS is not NIL – GSTR-7
• Late Fee: ₹25 per day (CGST)
• Maximum: ₹1,000 (CGST)
• Rationalised ceiling applicable from June 2021 onwards.

🔟 Input Service Distributor – GSTR-6
• Late Fee: ₹25 per day (CGST)
• Maximum: ₹5,000 (CGST)
• Reduced daily rate; statutory maximum continues.

1️⃣1️⃣ Non-Resident Taxable Person – Tax payable is NIL – GSTR-5
• Late Fee: ₹10 per day (CGST)
• Maximum: ₹5,000 (CGST)
• Reduced daily rate; statutory maximum continues.

1️⃣2️⃣ Non-Resident Taxable Person – Tax liability payable – GSTR-5
• Late Fee: ₹25 per day (CGST)
• Maximum: ₹5,000 (CGST)
• Reduced daily rate; statutory maximum continues.

1️⃣3️⃣ E-Commerce Operator (TCS) – GSTR-8
• Late Fee: ₹100 per day (CGST)
• Maximum: ₹5,000 (CGST)
• Section 47 coverage applicable with effect from 1 October 2022.

*📖 B. Annual / Final Return*

1️⃣4️⃣ Aggregate Turnover up to ₹5 crore – GSTR-9
• Late Fee: ₹25 per day (CGST)
• Maximum: 0.02% of turnover in the State/UT
• Rationalised rate applicable from FY 2022-23 onwards.

1️⃣5️⃣ Aggregate Turnover above ₹5 crore up to ₹20 crore – GSTR-9
• Late Fee: ₹50 per day (CGST)
• Maximum: 0.02% of turnover in the State/UT
• Rationalised rate applicable from FY 2022-23 onwards.

1️⃣6️⃣ Aggregate Turnover above ₹20 crore – GSTR-9
• Late Fee: ₹100 per day (CGST)
• Maximum: 0.25% of turnover in the State/UT
• Statutory rate/cap under Section 47(2).

1️⃣7️⃣ Final Return after Cancellation – GSTR-10
• Late Fee: ₹100 per day (CGST)
• Maximum: ₹5,000 (CGST)
• Normal continuing position.

*📝 Key Legal Notes*

1️⃣ GSTR-9C – No Separate Late Fee
There is no separate late fee for GSTR-9C as an independent form. Where GSTR-9C is applicable, the annual return is treated as complete only when both GSTR-9 and GSTR-9C are furnished.

Accordingly, late fee under Section 47(2) is computed up to the date on which the complete annual return, including GSTR-9C wherever applicable, is furnished.

*📌 Reference: Circular No. 246/03/2025-GST dated 30 January 2025.*

2️⃣ Expired GSTR-9C Waiver
The special waiver provided under Notification No. 08/2025-Central Tax for specified delayed GSTR-9C filings up to FY 2022-23, subject to filing by 31 March 2025, has expired and is no longer available.

3️⃣ Late Fee – Cash Payment Only
GST late fee is payable in cash and cannot be discharged through the Electronic Credit Ledger.

4️⃣ Late Fee vs Interest
Late fee under Section 47 is separate from interest under Section 50. Interest, where applicable, continues to apply in addition to the late fee.

📌 Interest under Section 50 is generally 18% p.a. on net tax liability for delayed payment of tax, subject to the applicable provisions.

5️⃣ Three-Year Time Bar for Returns From December 2025, the GST portal enforces the statutory three-year time limit for filing returns. Accordingly, returns pending beyond three years from their original due date may not be fileable on the portal without special permission, wherever such permission is legally available.

*🔖 Principal References*

• Section 47, CGST Act, 2017, as amended
• Notification No. 19/2021-Central Tax
• Notification No. 20/2021-Central Tax
• Notification No. 07/2023-Central Tax
• Notification No. 23/2024-Central Tax
• Notification No. 08/2025-Central Tax
• Notification No. 18/2022-Central Tax
• Circular No. 246/03/2025-GST dated 30 January 2025

*🔎 Note:* The above amounts are CGST components. An equal amount generally applies under SGST/UTGST where applicable.

📌 For professional use, always verify the applicable notification, tax period and any subsequent statutory/portal changes before finalising a specific late-fee computation.

Always that time is everything, it's take time...
24/08/2026

Always that time is everything, it's take time...

Direction- Speed- You're Going...
24/08/2026

Direction- Speed- You're Going...

major Assets performed in 2026 PRAJAPATI_s & P
23/08/2026

major Assets performed in 2026

PRAJAPATI_s & P

23/08/2026

*📌 7 Still Available Under the New Tax Regime*

📖 Section 115BAC — Applicable from AY 2026–27 / FY 2025–26 onwards

While the new tax regime offers lower slab rates and a simplified tax structure, several important deductions and exemptions continue to remain available. Taxpayers should carefully evaluate these benefits while computing their tax liability. 📊

*1. 💰 Standard Deduction — ₹75,000*

📖 Section 16(ia)

Available to salaried employees and pensioners. Combined with the enhanced rebate under Section 87A, a resident individual with total income up to ₹12 lakh may be eligible for a rebate of up to ₹60,000, subject to applicable conditions.

Accordingly, salary income of up to approximately ₹12.75 lakh can effectively become tax-free, subject to applicable conditions. ✅

*2. 🏦 Employer’s Contribution to NPS — Up to 14% of Salary*

📖 Section 80CCD(2)

Deduction is available for an employer’s contribution to the employee’s NPS account. Under the new tax regime, the limit is 14% of salary (Basic + DA) for eligible employers, including Central/State Governments, PSUs and private-sector employers.

*3. 🧾 Allowances for Official Duties*

📖 Section 10(14)(i)

Certain allowances granted for expenses wholly, necessarily and exclusively incurred in the performance of official duties, such as travel, conveyance, daily allowance and uniform allowance, continue to remain exempt to the extent actually spent, subject to prescribed conditions.

*4. ♿ Transport Allowance for Specified Differently-Abled Employees — ₹3,200 per Month*

📖 Section 10(14)(ii)

Available to eligible employees, including blind, deaf and mute, or orthopaedically handicapped employees, for commuting between their residence and place of work, subject to applicable conditions.

*5. 👨‍👩‍👧 Family Pension Deduction — Up to ₹25,000*

📖 Section 57(iia)

A deduction equal to the lower of one-third of the family pension received or ₹25,000 is available under the new tax regime.

*6. 🏠 Interest on Home Loan — Let-Out Property*

📖 Section 24(b)

Interest on borrowed capital for a let-out house property is deductible while computing income under the head “House Property”.

⚠️ Important: Under the new tax regime, any loss arising under the head “House Property” cannot be set off against income under any other head. Such loss can, however, be carried forward and set off only against future house-property income, subject to the applicable provisions and the eight-assessment-year limit.

*7. 🏖️ Retirement Benefits and Other Deductions/Exemptions*

Certain retirement-related receipts continue to enjoy exemption under:

* 📌 Section 10(10) — Gratuity
* 📌 Section 10(10AA) — Leave Encashment
* 📌 Section 10(10C) — Voluntary Retirement Scheme (VRS)

These remain subject to applicable monetary limits and conditions.

Other benefits available under the new regime include:

* 📌 Section 80CCH — Contribution to Agniveer Corpus Fund
* 📌 Section 80JJAA — Deduction for employment of new employees, subject to eligibility conditions

*⚠️ Important Clarification*

Any reference stating that house-property loss is “capped at ₹2 lakh” under the new tax regime is incorrect.

The ₹2 lakh inter-head set-off restriction applies under the old tax regime. Under the new tax regime, inter-head set-off of house-property loss is completely disallowed.

*📊 Final Takeaway*

Taxpayers should evaluate both tax regimes carefully based on their specific income profile, deductions and exemptions before finalising their tax regime.

*— GST & Tax Alerts*

PRAJAPATI_s & P Paarvati Prajapati

* assets scheme 2026*
23/08/2026

* assets scheme 2026*

22/08/2026



date to issue *SCN u/s 74* for *FY 20-21* : 31-08-2026

date to issue *SCN u/s 73* for *FY 22-23* : 30-09-2026

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Paarvati Prajapati PRAJAPATI_s & P

Good morning to everyone 🌞 under section 143(2) after 143(1) order u/s 143(3) PRAJAPATI_s & P
22/08/2026

Good morning to everyone 🌞

under section 143(2) after 143(1)
order u/s 143(3)

PRAJAPATI_s & P

Tax for Assets Paarvati Prajapati PRAJAPATI_s & P
20/08/2026

Tax for Assets

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