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How to calculate GST Interest


Shraddha Sinari   24 February 2020

Shraddha Sinari

 2 likes  70 points

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How to calculate gst interest if there is a delay in filing monthly gst return? 

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Aditi Kaur (Practising CA)    1 September 2020

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Deepak Gupta (CA Student)     24 February 2020

Deepak Gupta
CA Student 
 2349 likes  15414 points

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The period of interest shall be from the date following the due date of payment to the actual date of payment of tax.

Unfortunately, interest is being charged on gross tax liability @ 18%

So, (Gross tax liability x 18%)/365 x No. of days of delay

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Shrikant Toshniwal (TAX CONSULTANT)     25 February 2020

Shrikant Toshniwal
TAX CONSULTANT 
 41 likes  1078 points

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Hey, now just pay tax on net tax liability The amendment 2019 to sec 50 effective date will notify soon.

1 Like
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Shraddha Sinari   25 February 2020

Shraddha Sinari

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is it not calculated by gst portal automatically ? 

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Shrikant Toshniwal (TAX CONSULTANT)     25 February 2020

Shrikant Toshniwal
TAX CONSULTANT 
 41 likes  1078 points

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It is not auto calculate, u have to calculate 18%

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Shraddha Sinari   25 February 2020

Shraddha Sinari

 2 likes  70 points

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Shrikant Toshniwal Thank You!


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