What is the last date to file a belated return for AY 2026-27?

A belated return under Section 139(4) can generally be filed up to 31 December 2026, unless extended. It attracts a late fee under Section 234F and interest under Section 234A on unpaid tax.

Is there a penalty for filing a revised return?

No. Revising under Section 139(5) to correct a genuine mistake carries no penalty, provided your original return was filed on time. You can revise multiple times within the window.

Can I carry forward losses if I file late?

Generally no. Most losses — business and capital — cannot be carried forward if you file after the due date. This is one of the most expensive consequences of a belated return.

How many times can I revise my return?

As many times as needed within the revision window. The last validly filed and e-verified return stands. Always quote the original acknowledgement details when revising.

What if both the belated and revised windows have closed?

You may be able to file an updated return (ITR-U) under Section 139(8A) on payment of additional tax. It cannot be used to claim a refund or increase a loss, and the extra tax rises the later you file.

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GST· Updated Aug 2026· 8 min read· By CA Sumit Chandwani· §10

GST Composition Scheme: The Flat-Tax Deal, and Who Should Actually Take It

A 1–6% flat tax with quarterly filing sounds unbeatable — until you price in the lost input credit, the inter-state ban, and the B2B customers who leave because you can’t pass credit.

Missed 31 July? Belated & Revised Returns Under Section 139(4) & 139(5) AY 2026-27

TL;DR

Rates: 1% traders/manufacturers, 5% restaurants, 6% services.

Limit: ₹1.5Cr (₹50L services option).

Costs: no ITC, no inter-state sales, bill of supply only.

Filing: CMP-08 quarterly, GSTR-4 annual.

What composition trades away

The composition scheme swaps regular GST — monthly returns, invoice-level reporting, input tax credit — for a small flat tax on turnover and quarterly payment. Traders and manufacturers pay 1%, restaurants (non-alcohol) 5%, and eligible service providers 6% under section 10(2A). The ceiling is ₹1.5 crore aggregate turnover (₹75 lakh in special-category states; ₹50 lakh for the services option).

The three costs people miss

No ITC — you absorb the GST on everything you buy. Heavy input businesses often pay more under composition, not less.
No inter-state outward supplies and no supplies through e-commerce operators that collect TCS — one Amazon listing can break eligibility.
You issue a bill of supply, not a tax invoice — B2B customers get no credit from you, which loses some clients by itself.

Compliance rhythm

CMP-08 quarterly payment by the 18th after each quarter.
GSTR-4 annually by 30 June following the year.
Opt in with CMP-02 before the financial year starts; crossing the limit mid-year pushes you back to regular GST from that day.

Who it actually fits

Local B2C businesses with low input costs — kirana, small restaurants, local services — where the flat 1–6% beats the net of output-minus-ITC and the paperwork saving is real. If most customers are registered businesses, or margins depend on input credit, stay regular.