1. Interest on Late Payment of GST :-

According to the GST Penalty regulations, an interest will be charged at the rate of 18 percent per annum from the taxpayers who fail to pay their taxes on time. The interest will be levied for the days after the due date

Example :-

A Invoice was missed by file in GSTR 3B of 20th May return and have not deposited tax on this bill, which details given below:-

Number - Invo/0859

Date - 23rd April

Product/Service Amount - 75000

GST Amount 18% - 13500

Invoice Amount - 88500

Now we have found this invoice in June and file this in GST3B of 20th July return and deposit -

Tax = 13500

and

Interest = 406

 

Notes:-

Calculation of Interest on late payment of tax:-

Interest rate = 18% per annual

No. of late days = From 21st May to 20th June = 61 Days

Interest = 13,500 x 18/100 x 61/365 = 406

Note : The Interest on Late Payment of GST need to calculate and mention in GSTR 3B in late fee head by self for payment of it. This interest not calculates automatically on portal.

 

 

2. Penalty on late GSTR 3B Filing :-

GSTR 3B is a monthly self-declaration regarding actual tax paid, to be filed by a registered assessee. Under the law, if not filed within the stipulated date, a penalty of ₹50 per day is levied, if assessee has any tax liability due and ₹20 per day in case of 'nil' liability.

Penalty  on late filing of GSTR 3B:-

  1. ₹25/- CGST and ₹25/- SGST total ₹50 penalty per day – In case of any tax liability
  2. ₹10/- CGST and ₹10/- SGST total ₹50 penalty per day – In case of no any tax liability or Nil Return.

Note : The late fee of late filing of GSTR 3B return automatically calculate and show in the next month of GSTR 3B return for payment of late fee.

 

3. Late fee on late filing of GST R1 :-

GST R1 is a Monthly and Quarterly Return in which we provide the invoice wise details of sales. Under the law, if not filed within the stipulated date, a penalty of ₹50 per day is levied, and ₹20 per day in case of 'nil' liability.

Penalty  on late filing of GSTR 3B:-

  1. ₹25/- CGST and ₹25/- SGST total ₹50 penalty per day – In case of any sales transaction.
  2. ₹10/- CGST and ₹10/- SGST total ₹50 penalty per day – In case of no any tax liability or Nil Return.

Note : Late fee on late filing of GST R1 need to calculate and mention in GSTR 3B in late fee head by self for payment of it. This late fee not calculates automatically on portal.


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