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TMI BlogLate payment of GST amountX X X X Extracts X X X X X X X X Extracts X X X X ..... Late payment of GST amount X X X X Extracts X X X X X X X X Extracts X X X X ..... t depsited tax on time then what is the interest rate that we will be liable to pay. Is it 18% or 24%?? If 18%, then when we got liable for 24%. Reply By YAGAY and SUN: The Reply: Interest on Late ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... GST Payment An interest of 18 percent is levied on the late payment of taxes under the GST regime. The interest would be levied for the days for which tax was not paid after the due date. If GST is ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... not paid within the due dates of filing return Interest at following rates has to be paid: Particulars Interest Tax paid after due date 18% p.a. Excess ITC Claimed or excess reduction in Output Tax 2 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 4% p.a. The Interest has to be calculated from the next day on which tax was due. For example, a taxpayer fails to make a tax payment of ₹ 10,000 for the month of December 2017 (due date -20th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Jan 2018). He makes the payment on 20th Feb 2018. Interest will be calculated as follows: ₹ 10,000 * 31 days/365 * 18% = ₹ 153 Reply By MANASH MUKHERJEE: The Reply: Is the interest due ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... is auto calculated by system or it is to be self calculated?
Reply By YAGAY and SUN:
The Reply:
For the time being it should be calculated manually. X X X X Extracts X X X X X X X X Extracts X X X X
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