Interest on late filing of GST Returns

[Ravikumar Doddi]

Dear sir,

Kindly clarify that interest on late filing of returns is it on gross payable or net payable ( after deducting ITC), Section 50 says liable to pay tax. Any how if there is no ITC it is gross,when it is ITC failed to file before prescribed date shall we calculate on gross or net. Rate of interest how should we calculate is it for whole month or for short fall dates.

AI Summary

Interest on Late GST Returns: Calculated on Gross Payable, Delay Days Counted from Due Date to Filing Date. A query was raised regarding the calculation of interest on late filing of GST returns, specifically whether it should be calculated on the gross payable amount or the net payable amount after deducting Input Tax Credit (ITC). The query also sought clarification on how to calculate the rate of interest, whether for the entire month or just for the days of delay. The response clarified that interest should be paid on the total output tax payable, with delay days counted from the due date of filing to the actual filing date.