Interest on GST Payment

[THYAGARAJAN KALYANASUNDARAM]

Dear Experts,

As per Notification No.31/2020 & 32/2020 towards lowering of an Interest rate & waiver of Late fee for the periods between Feb'2020 and April'2020.

If the assessee's having the turnover more than 5 crores for the preceding financial year if the tax paid within 15 days from the original due date of return and after that the assessee has to pay interest @ 9% and no late fee u/s 47 of GST till 24th June'2020.

My query:-

If we make the payment of tax before 5th of May'2020 for the month of Feb'2020 and filing the return 24th of June'2020, what would be the consequences?

Thanks in Advance.

[KASTURI SETHI]

Dear Alkesh Jani Ji,

These are easily available on google/internet or department's website. Just type 'Minutes/decisions of 39th meeting of GST Council'. Minutes of all meetings are available. If you want anything specific, I shall email you.

AI Summary

Interest on delayed GST payment: tax is treated paid only when liability is offset through return filing, else interest applies.
Relief from interest and late fees under pandemic notifications is conditional on liabilities being offset in the electronic ledgers within prescribed dates; mere cash deposit without filing GSTR 3B and reflecting set off in the portal does not secure the interest relief. Taxpayers should complete both payment via ledger and return filing so the set off appears, or normal interest and late fee consequences may apply.