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3B INTEREST AND LATE FEE CALCULATION

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SOWJANYA M

840 Points Posted on 02 July 2020

dear sir,

Iam gonna file a return with P.Y. tURNOVER above 5 cores, from MARCH 2020

IF MY NET OUTPUT TAX IS 2000, IF I FILE BY 3RD JULY WHAT WILL BE THE LATE FEE AND INTEREST CALCULATION
IF I FILE ON 6 TH JULY WILL THE LATE FEE THE SAME?

ALSO FOR APRIL ITS NIL RETURN... IS LATE FEE APPLICABLE.. INTEREST WILL BE NIL AS NO OUTPUT ... CORRECT ME IF IAM WRONG.

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Quick Summary

This discussion clarifies the calculation of late fees and interest for GSTR 3B returns, particularly for businesses with turnover exceeding 5 crores. It addresses scenarios where returns are filed after the due date, explaining the applicable interest rate of 18% and how it's calculated from the due date to the filing date. The query also touches upon late fees for nil returns and confirms that interest is not applicable if there's no output tax liability.