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difference between plenty or interest

Anuj Sharma (79 Points)

24 September 2017

what is difference between them and when we need to pay interest or plenty plz explain

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3 Replies

SUSHANT KUMAR (Employed) (258 Points)
Replied 24 September 2017

For the month of july, payment of late fees had been waived i.e Rs. 100 per day as per their respective act after the due date but penal interest has to be charged @ 18%. But for the month of August both penal interest & late fees for filling Gstr- 3b shall be paid.

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RAJA P M ("Do the Right Thing...!!!") (127921 Points)
Replied 24 September 2017

No...

Late FEE:
The late fee for after the date of return filing. It's ll be calculate Rs 200 per day (CGST 100 + SGST 100)....

INTEREST :
Interest levied on without timely payment of liability. The payment date on or before 20th for Evey month... Without timely payment then we pay interest 18 %....

PENALTY :
Penalty is not levied on every month. Penalty is after audit or any fraudulent Activity....

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