dear advisors
if we pay tax after due date I.e. after 20th, how to calculate interest and late filing fee
And the interest should calculate after 20 the or 01 Dec 18. pls say sir.
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interest
Replies (10)
Interest will be calculate on 21st of the month of due date.
For Ex : Nov-18 GSTR 3B due date is 20th Dec-18. If You are not filed Your return on or before 20th Dec-18.
Then You will be pay interest from 21st and 18%p.a and late fee.
Interest applicable only on liability of GST.
For Ex : Nov-18 GSTR 3B due date is 20th Dec-18. If You are not filed Your return on or before 20th Dec-18.
Then You will be pay interest from 21st and 18%p.a and late fee.
Interest applicable only on liability of GST.
thank you sir, one more detail. can u say the notification of that. so that I can show to my management.
Please refer section 47 & 50 of CGST Act.
You are required to calculate interest on gross GST liability as per GST rules if you file late return
Raja sir interest will be calculated on gross amount or net amount??
@ Mr. Pritesh.,
Interest will be calculate on balance liability (net amount)...
Ex:
Outward - 1100
(-) Inputs - 1000
= Liability - 100 payable.
In case the payable amount Rs 100 not paid on or before 20th then we will pay Interest @ 18%p.a
Like
100 x 18% / 365 x No of delayed Days.
I think it's help you...!
Interest will be calculate on balance liability (net amount)...
Ex:
Outward - 1100
(-) Inputs - 1000
= Liability - 100 payable.
In case the payable amount Rs 100 not paid on or before 20th then we will pay Interest @ 18%p.a
Like
100 x 18% / 365 x No of delayed Days.
I think it's help you...!
| Originally posted by : RAJA P M | ||
 |
@ Mr. Pritesh., Interest will be calculate on balance liability (net amount)...Ex:Outward - 1100(-) Inputs - 1000= Liability - 100 payable.In case the payable amount Rs 100 not paid on or before 20th then we will pay Interest @ 18%p.aLike 100 x 18% / 365 x No of delayed Days.I think it's help you...! |  |
THANK YOU FOR THE DETAILS SIR...
Sir,
is common interest rate 18% for igst, sgst and cgst
is common interest rate 18% for igst, sgst and cgst
| Originally posted by : Ramesh Rao | ||
|
Sir,is common interest rate 18% for igst, sgst and cgst | |
18% Interest applicable to all the three heads. If Outstanding liabilities in CGST, SGST & IGST Rs 100 each. Then You will be pay as
CGST Rs. 100 = 100 x 18% / 365 x No of delayed Days
SGST Rs. 100 = 100 x 18% / 365 x No of delayed Days
IGST Rs. 100 = 100 x 18% / 365 x No of delayed Days
thank you sir, I got it
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