GST Return Filing Late Fees – Stocks Mantra http://www.stocksmantra.com 1 Post Daily for Financial Education! Sun, 15 Dec 2024 17:11:00 +0000 en-US hourly 1 https://wordpress.org/?v=6.9.4 How to calculate Interest and late fees in the GST. http://www.stocksmantra.com/how-to-calculate-interest-and-late-fees-in-the-gst/ http://www.stocksmantra.com/how-to-calculate-interest-and-late-fees-in-the-gst/#respond Wed, 20 Sep 2023 12:43:46 +0000 https://www.stocksmantra.in/?p=4154

Hi All,

In this tutorial, we will learn how to calculate the interest and late fees in GST.

Let’s get started,

Why do we need to pay late fees and Interest in the GST?

The GST department has already announced that if any GSTIN holder does not file their GST return, interest and late fees will be applicable.

So you have not filed your GSTR-3B return on the due date after that you would be paid the interest and late fees.

Formula to Calculate Interest in GST?

Amount*18%*(Days)/365

Example:-

Interest = 50000*18%*(21days of June+ 20 days of July)/365

Formula to Calculate Late Fees in GST?

GST amount *interest(18%)*days/100*365 = Answer

Thanks,

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