What is interest rate for late payment of GST. GST late payment karne par kitna interest pay karna padega. how to calculate it.
Under GST Law;-
Interest may be payable for:-
- Late payment of GST ie. payment after due date…= Interest rate of 18% p.a.
- Excess ITC claimed or excess reduction in output Tax = Interest Rate is 24% p.a.
Interest is calulated on day to day basis starting the next day on which tax was due. For example. Currently GST is payable at the time of filing of GSTR-3B & GSTR-4. In case I have paid Rs. 10000/- i.e. my payable GST on 25th Febraury for january 2020. Due date was 20th February. So it is late payment by 5 days. So interest payable is =10000 X 5/365 X 18/100 = Rs. 25/-