TaxTMI 
TaxTMI 
Dear All,
Suppose we have not depsited tax on time then what is the interest rate that we will be liable to pay.
Is it 18% or 24%??
If 18%, then when we got liable for 24%.
Late payment of GST amount
01 Jun 2018 
3 Replies 
1046 Views Asked by
Interest on late GST payment accrues from the day after the due date and must be calculated manually for the delay period.
Interest on GST unpaid after the return due date is charged at a higher statutory rate for late payment, calculated from the day after the due date for the period of delay on a pro rata days/365 basis; a distinct, higher rate applies where excess input tax credit is claimed or excess output tax reduction occurs. Interest must currently be computed manually rather than by an automated system. (AI Summary)
Interest on GST unpaid after the return due date is charged at a higher statutory rate for late payment, calculated from the day after the due date for the period of delay on a pro rata days/365 basis; a distinct, higher rate applies where excess input tax credit is claimed or excess output tax reduction occurs. Interest must currently be computed manually rather than by an automated system. (AI Summary)