Interest is applicable due to the late payment of GST. Interest has to be paid by every registered taxpayer who pays GST after the due date or claims excess Input Tax Credit (ITC) or reduces excess output tax liability. The interest on late payment of GST is as follows:
When a taxpayer does not file GST returns within the prescribed due dates, a late fee is charged. The late fee amount will depend upon the number of days of delay from the due date. The late fee under GST is also applicable for the ‘NIL’ return filers. The following is the applicable late fee for GSTR-3B:
The India Tax GST interest and late fee calculator enables taxpayers to easily arrive at the interest and late fee to be paid in case of late filing of returns.
Due to the COVID-19 situation in the country, the government provided relief in the interest and late fee for GSTR-3B return filers. Also, the GSTR-3B filling will be in a staggered manner based on the turnover in the previous financial year. This calculator provides interest and late fee calculation for the GSTR-3B return filers at their convenience.
There are different cut-off dates for taxpayers with varying interest rates on GST late payment based on their turnover. However, by using this calculator, the taxpayers can get to know the amount of interest and late fee to be paid with a simple data submission.