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-01 | Electronic tax liability register will be maintained in Form GST PMT-01 |
| Form GST PMT-02 | Electronic credit ledger will be maintained in Form GST PMT-02 |
| Form GST PMT-03 | Order of rejection of claim for refund of balance in Electronic credit ledger/Electronic cash ledger, issued by an authorised officer |
| Form GST PMT-04 | If a person notices any discrepancy in his Electronic credit ledger, he can communicate the same using Form GST PMT-04 |
| Form GST PMT-05 | Electronic cash ledger will be maintained in Form GST PMT-05 |
| Form GST PMT-06 | Challan for payment of tax, interest, penalty, fees or any other amount |
| Form GST PMT-07 | If 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
