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Interest on GST Payment, Goods and Services Tax - GST

Issue Id: - 116273
Dated: 6-5-2020
By:- THYAGARAJAN KALYANASUNDARAM

Interest on GST Payment


  • Contents

Dear Experts,

As per Notification No.31/2020 & 32/2020 towards lowering of an Interest rate & waiver of Late fee for the periods between Feb'2020 and April'2020.

If the assessee's having the turnover more than 5 crores for the preceding financial year if the tax paid within 15 days from the original due date of return and after that the assessee has to pay interest @ 9% and no late fee u/s 47 of GST till 24th June'2020.

My query:-

If we make the payment of tax before 5th of May'2020 for the month of Feb'2020 and filing the return 24th of June'2020, what would be the consequences?

Thanks in Advance.

Posts / Replies

Showing Replies 16 to 21 of 21 Records

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16 Dated: 9-5-2020
By:- GB Rao

Dear querist,

To sum up all the views of experts, it can be said that the GSTR-3B for the month of March, 2020 can be filed by 5th May, 2020 without interest . Interest @ 9% pa applicable from 06.05.2020 onwards till 24.06.2020 i.e., the last date of filing of GSTR-3B return without Late fee. If the return is filed beyond 24.06.2020, then Interest @ 18% pa is applicable with Late fee. Payment of tax by 5th May, 2020 without filing of GSTR-3B does not give you the benefit of no interest (for the first 15 days of the original due date of filing the return). Only when you file the return the set off is reflected in Cash Ledger and Credit Ledger.


17 Dated: 9-5-2020
By:- Ganeshan Kalyani

You are right Sir. Due date and interest applicability on delayed payment is given in GSTN Click here


18 Dated: 10-5-2020
By:- Alkesh Jani

Dear Experts,

As far as I know last GST Council meeting No.39 was held on 14th March,2020 and Notifications issued in the month of April and May, regarding filing of returns, interest, late fees etc. which says that "on recommendation of council" and I think I am missing these recommendations of council, please help me find this.

Thanks in advance


19 Dated: 10-5-2020
By:- KASTURI SETHI

Dear Alkesh Jani Ji,

Do you want 'Minutes' of 39th GST Council Meeting or something else ?


20 Dated: 11-5-2020
By:- Alkesh Jani

Sir,

I want the decisions taken in the meeting.

Thanks


21 Dated: 11-5-2020
By:- KASTURI SETHI

Dear Alkesh Jani Ji,

These are easily available on google/internet or department's website. Just type 'Minutes/decisions of 39th meeting of GST Council'. Minutes of all meetings are available. If you want anything specific, I shall email you.


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