GST Return Late Fees and Interest are charged when a business entity fails to file its GST returns on time.
GST Payment Due Dates for Both General & Composition Scheme Taxpayers
| Type of Taxpayer | GST Payment Due Dates |
|---|---|
| Regular | 20th Day of the Next Month |
| Composition | 18th Day of the Next Month of Quarter |
| Non-Resident | 13th Day of the Next Month |
| Input Service Distributor | 13th Day of the Next Month |
| TDS Deductor | 10th Day of the Next Month |
| TCS Collector | 10th Day of the Next Month |
What are the interests and late fees under the GST Act?
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:
| Particulars | Interest |
|---|---|
| Tax paid after the due date | 18% |
| Excess ITC claimed or excess reduction in output tax liability | 24% |
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:
| Particulars | Normal Return Filers | Nil Return Filers |
|---|---|---|
| CGST Act | Rs 25/per day | Rs 10/per day |
| SGST/UTGST Act | Rs 25/per day | Rs 10/per day |
| IGST Act | Rs 50/per day | Rs 20/per day |
Discover more from taxdot.in
Subscribe to get the latest posts sent to your email.