GST Filing

What Happens if You Forgot to File Your GST?

Ever since its inception, the Goods and Services Tax, or GST, has been a funny concept to wrap one’s head around. It has totally changed the way retailers and distributors pay tax, and how customers do the same when they avail certain services or buy particular goods. Instead of separate taxes, such as service taxes, value-added and state taxes, customers and retailers now pay one unified tax, the GST, to both the centre and the state. The rates of GST vary from about 5% to 28%, depending upon the commodity. For instance, restaurants and ready to eat outlets have to charge a five per cent GST from their customers according to the rules and regulations.