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regarding interest on late payment.

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64 Points Posted on 12 July 2018
i am paying 3b for the month of april...
i have topay late fees 50 rs per day.
do i have to pay interest on the same.
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On 12 July 2018 at 15:57 Report
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Partner at Bhat Momaya & Associates
2319 Points Posted on 12 July 2018

There is no Interest on late fees.

1 Reply
On 12 July 2018 at 16:17
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64 Points Posted on 12 July 2018
thanks sir, but do i have to pay the interest on the tax amount ? and at what ratio ?
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On 12 July 2018 at 16:34
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Partner at Bhat Momaya & Associates
2319 Points Posted on 12 July 2018

Interest @ 18% p.a. is applicable from the date of payment till the date of actual payment

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On 12 July 2018 at 16:36
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Chartered Accountant
12739 Points Posted on 12 July 2018

INTEREST TO BE PAID ON NET PAYABLE @ 18%

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On 12 July 2018 at 16:41
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24196 Points Posted on 13 July 2018
Interest has to be paid by every taxpayer who:

Makes a delayed GST payment i.e. pays GST after the due date.

Claims excess Input Tax Credit

Reduces excess Output Tax Liability
1 Reply
On 13 July 2018 at 01:31
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64 Points Posted on 13 July 2018
so when creating a challan why dont we get the interest amount in the challan... ?
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On 13 July 2018 at 13:26
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Partner at Bhat Momaya & Associates
2319 Points Posted on 13 July 2018
Interest amount is not auto calculated. We have to enter the amount manually after computing
1 Reply
On 13 July 2018 at 13:28


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