Menu
How to calculate interest on GST
How to calculate interest on GST
Replies (3)
Quick Summary
nterest is applicable due to the late payment of GST. Interest has to be paid by every registered taxpayer who pays GST after the due date or claims excess Input Tax Credit (ITC) or reduces excess output tax liability. The interest on late payment of GST is as follows:
| Particulars | Interest |
|---|---|
| Tax paid after the due date | 18% |
| Excess ITC claimed or excess reduction in output tax liability | 24% |
When a taxpayer does not file GST returns within the prescribed due dates, a late fee is charged. The late fee amount will depend upon the number of days of delay from the due date. The late fee under GST is also applicable for the ‘NIL’ return filers. The following is the applicable late fee for GSTR-3B:
| Particulars | Normal Return Filers | Nil Return Filers |
|---|---|---|
| CGST Act | Rs 25 | Rs 10 |
| SGST/UTGST Act | Rs 25 | Rs 10 |
| IGST Act | Rs 50 | Rs 20 |
18 percent on which
The Interest has to be calculated from the next day on which the tax was due.
Interest under GSTR.
| 1. Delayed Payment of GST | 18% per annum |
| 2. Undue or Excess reduction of Tax Liability | 24% per annum |
| 3. Undue or Excess claim of ITC | 24% per annum |
Recent Topics :
- Form 146 required
- Rule 86(B) Applicability
- ROC FILINGS FY2025-26
- Mismatch in 26AS
- How Can a Trader Utilise Approximately ₹1.20
- How Can Law Students Present Papers at Conferences
- On which amount 200% penalty under section 270A is
- RECEIVED INTIMATION U/S 399 FOR TDS PAYMENT ON PRO
- How do CA firms track SEBI/AMFI circulars and dead
- Jurisdictional validity of Sec 148 notice after fa
Related Topics :
CAclubindia
