Can you please explain me the penalty of GST R1?
If you have not filed your GSTR-1 return, there are directly cost associated with GST laws and also from business point of view.
Your buyers may not release payment if you are not filing GSTR-1 or filing wrong GSTR-1.
However, as per GST law you are supposed to pay late filing fee of Rs. 50 per day for every day of delay. Good new is that late filing fee is deferred. So as of now, there is no penalty for late filing.
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