INTEREST COMPONENT IN GSTR-9 ANNUAL RETURN

[VEMULA CHANDRASEKHAR]

How to calculate interest component liable on Pt.V of GSTR-9 if not earlier paid. Does interest is to be calculated from the date that is liable to pay to the date on which it is paid?. Interest on late payment of tax is 18%, and the turnover we get under Pt.V are the amendments made in 2018-19 , it may be an excess or deficit of tax does interest is to be calculated @ 24% on it? does interest is to be calculated till payment of tax or till filing of GST return, as there might be a difference in the date of payment & the date of filing.

AI Summary

Interest on GST Annual Return: Self-Detected Rate at 18%, Department-Identified at 24%, Calculated from Liability to Payment Date. A query was raised regarding the calculation of the interest component on the GSTR-9 annual return for Goods and Services Tax (GST) if it was not paid earlier. The question focused on whether interest should be calculated from the date of liability to the payment date or the filing date, and whether the interest rate should be 18% or 24%. The response clarified that if the interest is self-detected, the rate is 18%. If identified by the Department, the rate is 24%. The interest period extends from the date of liability to the date of tax payment, not the filing date.