GST return filing is mandatory for all entities having GST registration, irrespective of business activity or sales or profitability during the return filing period. Hence, even a dormant business that obtained GST registration must file GST return.

Taxes due have to be paid before filing the return for that period otherwise the return will be invalid.

If GST Returns are not filed within time, you will be liable to pay interest and a late fee. Interest is 18% per annum.

Late Fees for GSTR-1, GSTR-3B, GSTR-4, GSTR-5 and GSTR-5A is :
• Rs. 50 per day of delay
• Rs 20 per day of delay for nil return

Medium Enterprise – A Medium Enterprise in the manufacturing sector is an enterprise with more than Rs. 5 crores but not exceeding Rs. 10 crores of investment in plant & machinery. A Medium Enterprise in the service sector is an enterprise with more than Rs. 2 crores but not exceeding Rs. 5 crores of investment in plant & machinery.

Advantages:
Registering under MSME will help you reap several benefits from the government including :
1. Credit at low interest rate,
2. Incentives on products for exports,
3. Excise exemption
4. Extended credit facilities
5. Industrial extension support and services
6. Provision of training facilities
7. Access to various schemes and incentives of government.