Avoid Penalty – Failing to file GST Returns on time will attract a penalty of INR 200 per day and maximum up to INR 5000 of each return
Avoid Registration Cancellation – To be worst if you don’t file GST Returns on time your certificate might get cancelled.
Better Relationship with your prospects – Filing GST Returns on time will let your customers claim input credit smoothly hence maintain a healthy relationship with good prospects
Better Compliance Rating – Government of India has proposed to start the compliance rating system under which scorecard of every GST registrant shall be maintained. As a matter of fact, timely GST return filing is one of the key factors to compute such rating.
Ease of availing loan – Evidently, timely and accurate GST Return filing helps a taxpayer a lot while applying for loans from a bank or financial institutions. The Banks ascertain a taxpayer's credibility on the basis of his GST Returns.
E-Waybill generation – In order to compel the businesses for regular compliance and GST return filing, the finance ministry has now rESIricted E-Way bill generation for transportation of goods, in case the trader has not filed GST returns for 2 successive months.