CA
68 Points
Joined October 2020
A person who does not pay their taxes before the due dates are subject to an 18% interest rate each year if they do not pay them on time. Taxpayers are charged interest based on how many days they missed out. For a better understanding of the act, please refer to point 50 in chapter 10: https://cbec-gst.gov.in/CGST-bill-e.H T M L If we take the example of someone who missed yesterday's due date, they will have to pay Rs. 0.49 for one day based on the total number of days missed and the payable tax amount.
If a taxpayer fails to submit their return by the deadlines outlined above, the government will be charged a late fee of Rs. 50 per day, which equates to Rs. 25 per day for each CGST and SGST (if there is any tax liability) and Rs. 20 per day, which equates to Rs. 10 per day for each CGST and SGST (if there is no tax liability), up to a maximum of Rs. 5000