PF Returns

Lopamudra in India has a dedicated team of company secretarial, legal professionals

and Chartered Accountants who possess extensive experience in various corporate
laws and commercial / legal documentation. Our team is highly business oriented in
approach and has experience across sectors and the acumen to provide complete
solutions for all corporate secretarial matters.

What is PF Returns?
More narrow definitions have described entrepreneurship as the process of
designing, launching and running a new business, which is often initially a small
business, or as the "capacity and willingness to develop, organize and manage a
business venture along with any of its risks to make a profit."[4] The people who
create these businesses are often referred to as entrepreneurs.5 economic crisis,
lack of market demand, or a combination of all of these."[7] the process of designing,
launching and running a new business, which is often initially a small business, or as
the "capacity and willingness to develop, organize and manage a business venture

PF Returns?
More narrow definitions have described entrepreneurship as the process of designing,
launching and running a new business, which is often initially a small business, or as the
"capacity and willingness to develop, organize and manage a business venture along
with any of its risks to make a profit."[4] The people who create these businesses are
often referred to as entrepreneurs.5 economic crisis, lack of market demand, or a
combination of all of these."[7] the process of designing, launching and running a new
business, which is often initially a small business, or as the "capacity and willingness to
develop, organize and manage a business venture

Composition Scheme Filing

All entities registered under the composition scheme are required to file form GSTR-4A
every quarter through the GST portal or through a GST facilitation centre.

GST returns for those enrolled under the composition scheme is due on the 18th of the
month every quarter. Hence, GST return filing for the composition scheme would be due
on April 18th, July 18th, October 18th and January 18th.

The returns filed must include details of the following:

● Inter-State and intra-State inward supplies received from registered and

unregistered persons
● Consolidated details of outward supplies

Even if an entity opted for the composition scheme starting April of that year, it must
continue filing monthly GST returns until September of the same year.

Penalty for late filing

Penalties and cancellation of the GST registration will result if an entity fails to file GST
returns on time. In-case of non-compliance for more than six months consecutively, the
entity would be unable to obtain another registration in addition to cancellation- until all
the penalties are paid back in full.

The penalties for entities having no turnover is different when compared to entities
having a certain turnover. NIL returns must be filed in case of no turnover and failure to
do so will result in a penalty of Rs. 20 per day.

Established businesses will be levied with a penalty of Rs. 50 per day for the period of
late-filing. A penalty of Rs. 50 per day will be applicable for late GSTR-3B return and
Rs.50 per for GSTR-1 return. In total, a penalty of more than Rs.3000 per month would
be incurred. In addition to the above late filing fees, the entity would also have to pay
interest at the rate of 18% on GST payment remitted late.

*As per 40th GST council meeting, the penalty for late filing has been waived off.
Lopamudracs

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