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Interest and Penalty calculation for GST return filing

Interest and Penalty calculation for GST return filing:

Government might waive off interest and penalty on late filing of GSTR-3B for August in lieu of load on GSTN

Earlier Revenue Secretary Hasmukh Adhia ruled out any further extension of timeline after December for filing GSTR-3B tax returns by businesses. The GST Council had earlier allowed businesses to file GSTR-3B, a summarised return, till December. 

Forms pertaining to tax payment under GST

Form GST PMT-01Electronic tax liability register will be maintained in Form GST PMT-01
Form GST PMT-02Electronic credit ledger will be maintained in Form GST PMT-02
Form GST PMT-03Order of rejection of claim for refund of balance in Electronic credit ledger/Electronic cash ledger, issued by an authorised officer
Form GST PMT-04If a person notices any discrepancy in his Electronic credit ledger, he can communicate the same using Form GST PMT-04
Form GST PMT-05Electronic cash ledger will be maintained in Form GST PMT-05
Form GST PMT-06Challan for payment of tax, interest, penalty, fees or any other amount
Form GST PMT-07If a person’s bank account has been debited but CIN has not been generated or CIN has been generated but not communicated to the GST portal, the person can inform the same using Form GST PMT-07

Penalty for late payment per day Rs 200 and Interest 18 % per annum  Up 31st March 2018 on interest & penalty

Late Fee : Late fee for one day Rs 200 (CGST 100 +SGST 100)

Maximum late fee Rs 5000

Example : Suppose for month of July

Out put GST =100000

Input GST = 80000

GST payable = 20000

This 20000 we have to pay by 20 August (20th of Next  Month )

In case we pay the same on 28 August, we are 8 days late Interest will be calculated as follows

=20000*8/365*18%=78.91

Total Tax =20000+78.91=20078.91

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