Briefly discuss the provisions related to Levy of late fee as per section 46 of CGST Act, 2017 on a person who fails to furnish the details of outward or inward supplies required under section 37 or 38 or 39 or 45 of CGS

As per section 47 of CGST Act, 2017 read with notification No. 64/2017 - Central Tax and 4/2018-Central Tax, any registered person who fails to furnish the return under section 37 or 38 or 39 or 45 of CGST Act, 2017 shall pay the late fees of ₹25 for every day during which such failure continues and ₹10 in case of nil return subject to a maximum of ₹5,000. As per Central Government notifications the late fees has been reduced to ₹25 for every day during which such failure continues and ₹10 in case of nil return subject to a maximum of ₹5,000 Note: ₹25/₹10 is late fees in CGST Act, equal late fees shall be charged under respective SGST Act of the state.