interest

227 views 10 replies

Ramesh Rao

217 Points Joined July 2017

dear advisors

if we pay tax after due date I.e. after 20th, how to calculate interest and late filing fee

And the interest should calculate after 20 the or 01 Dec 18. pls say sir.

Replies (10)

RAJA P M

"Do the Right Thing...!!!"

128147 Points Joined January 2015

Interest will be calculate on 21st of the month of due date.
For Ex : Nov-18 GSTR 3B due date is 20th Dec-18. If You are not filed Your return on or before 20th Dec-18.
Then You will be pay interest from 21st and 18%p.a and late fee.

Interest applicable only on liability of GST.

Ramesh Rao

217 Points Joined July 2017

thank you sir, one more detail. can u say the notification of that. so that I can show to my management.

RAJA P M

"Do the Right Thing...!!!"

128147 Points Joined January 2015

Please refer section 47 & 50 of CGST Act.

Jatin

Accountant

3479 Points Joined August 2014

You are required to calculate interest on gross GST liability as per GST rules if you file late return

pritesh

CA Final student

7106 Points Joined April 2018

Raja sir interest will be calculated on gross amount or net amount??

RAJA P M

"Do the Right Thing...!!!"

128147 Points Joined January 2015

@ Mr. Pritesh.,

Interest will be calculate on balance liability (net amount)...
Ex:

Outward - 1100
(-) Inputs - 1000
= Liability - 100 payable.
In case the payable amount Rs 100 not paid on or before 20th then we will pay Interest @ 18%p.a

Like

100 x 18% / 365 x No of delayed Days.

I think it's help you...!

S ELAVARASI

ACCOUNTANT

2975 Points Joined August 2017

Originally posted by : RAJA P M
	@ Mr. Pritesh., Interest will be calculate on balance liability (net amount)...Ex:Outward - 1100(-) Inputs - 1000= Liability - 100 payable.In case the payable amount Rs 100 not paid on or before 20th then we will pay Interest @ 18%p.aLike 100 x 18% / 365 x No of delayed Days.I think it's help you...!