INTEREST ON LATE PAYMENT OF GST

[Preeti Sharma]

Hello Experts,

We paid GST For Oct Month on Nov 22 with late fee but did not pay interest on late payment. What are the consequences of non payment of interest on late payment of GST. Can we pay now that interest? If we pay now, then it shall be levied @ 18% p.a. for only 2 days? or more than that as there is a delay in paying Interest.

AI Summary

Interest on Late GST Payment: Payable Even for One Day at 18% Annually, Debited in Next GSTR-3B. A query was raised regarding the consequences of not paying interest on a late Goods and Services Tax (GST) payment. The individual paid the GST for October on November 22, with a late fee but without the interest. Experts advised that interest can still be paid, even for a single day. The interest rate is 18% per annum, and for a delay of two days, the amount calculated was 82. It was confirmed that this interest should be debited and paid in the subsequent month's GSTR-3B return.