EVERYBODY accepts that the GST is a complicated tax system and its compliance needs constant vigil on the part of business and the associated tax structure. The current economic collapse has brought many MSME units to their knees. With every source of income vapourised, no new demand on the horizon and due payments held back quite often, these small entrepreneurs are already in deep trouble. Debtors are knocking at their doors and their finances have completely collapsed. No bank would even allow an interview for a fresh loan unless they already have an existing loan with that bank.
What does defaulting on GST returns filing mean? Your GST registration can be suspended and you cannot sell and make a purchase. Technically, the entire business function will stop.
Amid this bleak scenario while striving for straws to hold on to, the first thing on the entrepreneurs’ minds was to put food on the table and pay for essentials, including medical bills. The last thing on their minds was remembering to file monthly nil GST returns. That has now come back as a massive and cruel bolt from the blue for small-time players, with the GST department demanding penalties for each month of returns not filed. For firms whose annual turnover barely crossed Rs 50 lakh in normal times, their GST non-filing penalty demands have reached upwards of Rs 50,000. That is a huge blow at a time when business owners are gasping for breath, trying to pay their employees a minimum sustenance.
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