![]() How to calculate Interest and Late Fee? (See example) Submit :Click on 'Submit' to get your tax liability.Cash to be paid : We will calculate the Net tax liability(on which interest and Late fee is computed).ITC Available : Enter the Input tax credit (Purchases) as per your books.Tax Liability : Enter the tax liability on the Outward supplies and Output tax liability (Sales) as per your book.Return filed on : Enter the date on which you are going to file the return.Tax period : And select the return period for which you want to calculate the interest and late fee due to delay in making payment and filing the return.Turnover category :Select your Turnover category i.e the Aggregate Turnover of the business at the PAN level as per the previous financial year.State name : Select the State name from the drop-down provided with the list of States.How to use this calculator?įollowing are the steps to use the interest calculator: However, by using this calculator, the taxpayers can get to know the amount of interest and late fee to be paid with a simple data submission. There are different cut-off dates for taxpayers with varying interest rates on GST late payment based on their turnover. Advantages of ClearTax GST interest and late fee calculator This calculator provides interest and late fee calculation for the GSTR-3B return filers at their convenience. Also, the GSTR-3B filling will be in a staggered manner based on the turnover in the previous financial year. 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.ĭue 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 ClearTax GST interest and late fee calculator? The following is the applicable late fee for GSTR-3B: Particulars The late fee under GST is also applicable for the ‘NIL’ return filers. The late fee amount will depend upon the number of days of delay from the due date. When a taxpayer does not file GST returns within the prescribed due dates, a late fee is charged. ![]() The interest on late payment of GST is as follows: ParticularsĮxcess ITC claimed or excess reduction in output tax liability 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. Interest is applicable due to the late payment of GST. What are the interests and late fees under the GST Act? ![]()
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