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.

[KASTURI SETHI]

If interest is to be paid on one's own (self detection), rate of interest is 18%. If interest is to be paid on being pointed out by the Department (by way of letter or notice etc.), the rate of interest will be 24 %. Period of interest is : from the date of liability to till the date of payment of tax and not date of filing return.

AI Summary

Interest on late GST payment: lower rate for self-assessment, higher rate when department detects, accrues until payment. Interest on discrepancies reported in Part V of GSTR 9 is charged at 18% where voluntarily self-paid and at 24% where pointed out by the tax authority; interest accrues from the date the tax is due until the date the tax is paid, not until the date the return is filed.