Interest Rate

Yes interest if any tax payable i.e. on net amount is payable @ 18% plus fine of Rs 250 CGST and Rs 250 SGST need to be pay per month from Jan 2019 to May 2020 return.. also you are not eligible to take credit for the Jan 2019 to March 2019 as time period for taking ITC for said period lapse means you need to pay your full tax liability along with 18% interest for the period Jan 2019 to March 2019.

For the period January 2019 to January 2020, INTEREST @ 18% will be levied on Net Tax Liability under Section 50 of the CGST Act 2017 along with Late Fees of maximum Rs. 500 per Return ( provided the Returns are filed within 30th September 2020 ).

However from February 2020 Returns onwards, the Rate of Interest has been Reduced conditionally ( if filed within the prescribed due date ).

Now the due dates depend upon your Aggregate Turnover in the preceding Financial Year. Refer Notification No. 51/2020 - Central Tax, dated 24th June 2020 to know the due dates and the applicable rate of Interest.

For Example, incase of FEBRUARY 2020 FORM GSTR-3B Return the due date to file is "30th June 2020" ( AGT upto Rs. 1.5 crores ). The following will be the case of INTEREST :

• Nil Interest till June 30, 2020,
• 9% p.a. thereafter till September 30, 2020
• 18% p.a thereafter w.e.f. October 01, 2020.