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GST late fees – 2018

GST late fees – 2018

 GST late fees : we are providing information about GST late fees in this article and we included how to calculate GST Late Fees, How to pay GST late Fees on Portal.

GST late fees and Interest

GST late fees : Goods and Service Tax is an ambitious tax regime applicable from 1st of July 2017 made a number of indirect taxes subsumed into it. The government has now revealed the due dates for the payment of GST.

The GST payment due date for general taxpayers is 20th of next month while the GST payment due date for composition scheme dealers is 18th of next quarter.

GST Payment Due Dates

GST Payment Due Dates for Both General & Composition Scheme Taxpayers

Type of TaxpayerGST Payment Due Dates
General20th Day of the Next Month
Composition18th Day of the Next Month of Quarter

If you missed filing your GST returns on time, you will have to pay the late filing fee. The government started charging late filing fee from August 2017 itself.

In this post, I will share with you a calculator to estimate the late filing fee you have to pay if you miss filing your GST returns on time.

Interest on Late Payment of GST Tax & Penalty on Missing GST Due Date

GST late fees : According to the GST Penalty regulations, an interest will be charged at the rate of 18 percent per annum from the taxpayers who fail to pay their taxes on time. The interest will be levied for the days after the due date.

Check the example below to understand it better: Suppose your tax liability is Rs. 2,000 and you have not paid tax on time for a given month. Now, if you pay tax after one day from the due date, your interest will be calculated as 2000*18/100*1/365 = Rs. 0.98 Per day. If you delay more than that, you’ll have to pay an interest of the same amount per day. Check out the document attached below (chapter 10, point 50) for more details.

In such case, where taxpayers do not file their returns within a specified due date mentioned, he is obliged to pay a late fee of Rs. 50/day i.e. Rs. 25 per day in each case of CGST and SGST (in case of any tax liability) and Rs. 20/day i.e. Rs. 10/- day in each CGST and SGST (in case of Nil tax liability) subject to a maximum of Rs. 5000/-, from the given due date to the actual date when the returns are finally filed.

GST late fees charges on different returns

Returns to be filedFee applicable
GSTR -1 for outward supplies50 per day, max up to 5,000
GSTR -2 for inward supplies50 per day, max up to 5,000
GSTR-3/GSTR-3B monthly return50 per day, max up to 5,000
GSTR-4 Quarterly return under composition scheme50 per day, max up to 5,000
Final Return50 per day, max up to 5,000
Annual Return50 per day, max up to .25% of turnover

How to calculate GST late fees 

GST late fees : GST late filing is calculated using the formula “(Days delayed x 50)” for each head of tax.

If you have delayed for 3 days, the late filing fee will 3X50 = 75 for CGST and 75 for SGST.

How to pay the Late filing fee on GST portal?

GST late fees :  Paying GST late filing fee is easy.

The process to pay the late filing fee is similar to payment of tax.

  • Click Service
  • Then Click on Challans
  • After that Click on Create Challan

A normal form will open, you are already familiar with this form as it is the same form used to pay your CGST and SGST tax.

In this form fill the amount of fee under FEE column of respective tax head.

Note: Do not fill complete fee amount in a single column, fill in different tax heads such as SGST and CGST.

Rules and Regulations of GST Payment for Taxpayers

  • the electronic cash ledger will be credited if payment for tax, interest, penalty, and fee has been made by internet banking, credit card, NEFT, RTGS. While the amount can be used for the payment of interest, tax, penalty which is remaining in the electronic cash ledger of the taxpayer
  • A payment for GST PMT-06 form is done through challan while the challan is only valid for the time period of 15 days. When the payment is done successfully, a Challan Identification Number (CIN) is generated. If in any case the CIN is not generated than the taxpayer can file Form GST PMT-07
  • Online payments even made after 8 pm will be credited on the same day to the taxpayer’s account. While there will be no physical challan accepted for the GST payment while the challans will be generated from the only for all the payments of taxes, fees, penalty, interest
  • For the payment of challan under the 10000 rupees limit, it can be done over the counter with cash, cheques, demand draft through authorized banks while for the payments exceeding the amount of 10000 will be collected through digital mode only.

Some of the Other Rules of the Challan are:

  • Immediately after the creation of CPI and common portal identification number, all new challan can be changed or edited. If there is any change in the amount there must be new challan generated also if the challan contains an incorrect data will expire after 15 days.
  • Each challan must be an issue with a separate cheque or DD
  • A filled challan can be saved in the post-login mode and can be accessed using the path – Services > Payments > My Saved Challans. A most of 10 challans can be saved on the GST portal with the validity period of 7 days
  • The system will restrict any new generation of OTC challan if there is any unpaid OTC challan generated with the tax period amount exceeding rupees 10000. The challan will also get canceled or expire after 7 day validity period
  • There will be UTR used in RTGS transactions with RBI. While the UTI must be linked, If in case the payment is not updated even after 2 hours on the landing page, there will be an option to link the UTR
  • On behalf of a taxpayer, the third party can make the payments

Provisions for Electronic Credit Ledger

GST late fees :  The amount should be credited to the Electronic credit ledger which is filed by the person in his Returns. While the amount stated in electronic credit ledger can be used for tax payments only. Any differences in the electronic credit ledger must be brought to the notice of an officer through form GST PMT-04.

According to the following order, a taxpayer must discharge his tax duties:

  • Self-assessed tax with other dues related to the returns of previous tax periods
  • Self-assessment tax and other dues concerned with the current text period
  • The amount payable under the rules and regulations act including the demand stated in section 73 or 74
  • Late payment interest on GST
  • Interest will be applicable at the rate of 18% if the payment is not done within the due date
  • A rate of 24% interest will be applicable in the case when a taxpayer claims excess of input tax credit or makes a reduction in the output tax liability

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