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Calculation of Interest For Delayed Filing of GSTR 3B

Interest on late filing of gstr 3b

interest on gstr 3b late filing

On delayed filling of GSTR 3B Goods and service Tax department has started issuing the notices. They are sending the proper calculation of interest which has to be paid by the taxpayers to the respective email address of the taxpayers. In case, the taxpayer is maintaining any kind of interest calculated on the return filed after the due date then they can pay accordingly and submit a copy of challan to the respective office.

All about Interest under GST

Interest is applicable on Late Payment of GST received while making sales.

Interest must be paid by every taxpayer who:

  • Makes a GST payment after the due date
  • Claims excess Input Tax Credit
  • Payless Output Tax Liability

Currently, Output tax liability has to be paid at the time of filing GSTR-3B and GSTR-4.

In the case where GST is not paid within the due dates of filing return Interest has to be paid at the following rates:

interest on gstr 3b calculation

The Interest has to be calculated from the next day once the due date has lapsed.

 For example, a taxpayer has to make a tax payment of Rs. 1,000 for the month of December 2019 (due date - 20th Jan 2020). He makes the payment on 20th February 2020. Interest will be calculated as follows:

Rs. 1,000 * 31 days/365 * 18% = Rs. 15.28

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24 Feb

Suman Bisht
Suman Bisht

"Satisfied consistency in compliance leads to a healthy business.” Neusource luxuriates in furnishing all the compliances with the right way which helps you to grow with your business. If you have a zeal to build up your startups and you want to make it big then neusource is the perfect choice for your business