How to calculate gst interest if there is a delay in filing monthly gst return?
5 Replies
Deepak Gupta
(CA Student)
(15922 Points)
Replied 24 February 2020
The period of interest shall be from the date following the due date of payment to the actual date of payment of tax.
Unfortunately, interest is being charged on gross tax liability @ 18%
So, (Gross tax liability x 18%)/365 x No. of days of delay
Shrikant Toshniwal
(TAX CONSULTANT)
(1109 Points)
Replied 25 February 2020
Hey, now just pay tax on net tax liability The amendment 2019 to sec 50 effective date will notify soon.
Shraddha Sinari
(70 Points)
Replied 25 February 2020
is it not calculated by gst portal automatically ?
Shrikant Toshniwal
(TAX CONSULTANT)
(1109 Points)
Replied 25 February 2020
It is not auto calculate, u have to calculate 18%
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