Miscellaneous

How do you calculate late fees on Gstr 3B?

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How do you calculate late fees on Gstr 3B?

For example, a Taxpayer has filed GSTR-3B for the month of December 2020 on 23rd January 2021, where actual due date was 20th Jan 2021. Amount of late fees to be paid would be Rs.150 (Rs. 50 per day for 3 days). The late fee would be Rs.75 under CGST and Rs.75 under SGST.

How is Gstr 3B interest calculated?

The delay in number of days for filing is 10 days (01/03/2020 – 20/02/2020)….Late Fees under GST.

Particulars Late Fees
2. GSR 3B, GSTR 1 and GSTR 4 (Nil Return) Rs 20 per day up to a maximum of Rs 10,000
3. GSTR 9 & GSTR 9A Rs 200 per day up to a maximum of 0.5\% of turnover
4. GSTR 10 (Final Return) Rs 200 per day
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How is GST interest calculated with example?

Hence, interest on late payment of tax will be Rs. 15,287/- (10 lakh*18\%*31/365)….To calculate the correct interest we need the following:

  1. Interest rate (18\% as per section 50)
  2. No. of days default (31 days, we shall not count 20th may)
  3. Outstanding tax (Which is Rs. 10 lakh)

Is GST late fee automatically calculated?

The late fees should be payable by normal amount (Rs. 50 or Rs. 20 per day) if the return is filed on 1st April 2019 or thereafter. Late fees is calculated automatically by the GST system.

How do I pay interest on a late payment of GST?

The following steps may be followed: Step 1: Log in to the GST common portal with your credentials. Step 2: Go to Services > User Services > My Applications. Step 3: Select ‘Intimation of Voluntary Payment – DRC-03’ and click on ‘New Application’.

How much interest can I charge a customer for late payment?

Interest on late commercial payments The interest you can charge if another business is late paying for goods or a service is ‘statutory interest’ – this is 8\% plus the Bank of England base rate for business to business transactions.

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What is the formula to calculate monthly interest?

To calculate the monthly interest, simply divide the annual interest rate by 12 months. The resulting monthly interest rate is 0.417\%. The total number of periods is calculated by multiplying the number of years by 12 months since the interest is compounding at a monthly rate.

How do you calculate interest on ITC reversed GST?

In other cases interest will be paid @18\% p.a. u/s 50 (1). Interest @18\% to be calculated at the time of reversal of input credit as per section 16(2) ITC availed earlier to the extent of the amount not paid shall be reversed and added to tax liability under the current liabilities of the Balance Sheet.

What is the late fee for filing GST return in gstr-3b?

The late fee will depend upon the number of days of delay from the due date. GST return in GSTR-3B is filed on 23rd January 2021, 3 days after the prescribed due date i.e 20th January 2021. The late fees will be calculated for three days and it should be deposited in cash.

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What is the GST interest and late fee calculator?

The ClearTax 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 .

What is the rate of interest on gstr-3b in May 2021?

(a) Turnover is more than Rs.5 crore in the preceding financial year and GSTR-3B is filed on a monthly basis, interest is reduced/waived off for April and May 2021 (Due date: 20th May or 20th June) as follows: Interest reduced to 9\% for filing on or before 5th May (4th June), but charged at 18\% thereafter.

What is nil return in gstr 3B?

A return in which there is no sales but has purchases is also considered as NIL return. Maximum amount of penalty will be Rs. 10,000 (Rs. 5,000 for CGST and Rs. 5,000 for SGST)f or every return. Late fees for GSTR-3B for a month is required to be paid in the next month.