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Interest of late payment of tax

pardeep (Accountant) (21 Points)

19 January 2019

Please late me how many charge of interest % on late payment of gst tax or monthly & day wise calculate.

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7 Replies

anuj shukla (24 Points)
Replied 20 January 2019

18% interest on late payments of tax day wise

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Arun Kumar (2 Points)
Replied 20 January 2019

kindly go through sec 50

Shivam RC (Student) (23683 Points)
Replied 20 January 2019

As per the Provision of Section 50(1) of the CGST Act 2017, the interest payable on late payment of tax is 18%.

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Pankaj Rawat (GST Practitioner) (55047 Points)
Replied 20 January 2019

Yes it's 18% As per section 50 CGST Act

Vinod Babu (24191 Points)
Replied 20 January 2019

Interest is 18% p. a to be calculated on amount of outstanding tax to to be paid.

Tax amount * 18% / 365 * No of days from the date of actual date of payment.

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RAHUL (Student CA Final ) (377 Points)
Replied 20 January 2019

Will the interest be levied for 20/01/19 (1 day) ? As it is a Sunday and no banking transaction can be processed today.

Vinod Babu (24191 Points)
Replied 20 January 2019

Interest will be levied when taxpayer does not deposit gst amount and file returns within the due date.
Today 20-1-2019 is the due date for filing dec18 GSTR3B returns.
So late fee or interest applicable on filing today.