GST Late Fees Calculator
GST stands for Goods and Service Tax, which is an indirect tax used on the supply of goods and services in India. It is also known as the consumption tax. It comprises almost all indirect taxes besides any state taxes. It is a multistage tax as it includes every step of the production process. Though it is a consumption tax, all the other tax stages are returned to all parties except the final consumer product tax. The final consumer product tax is meant to be collected by means of consumption. Alcoholic drinks, electricity and petroleum products tax are not covered under GST and are generally taxed by state governments individually.
The GST tax came into force on 1 July 2017. It was implemented by the One Hundred and First Amendment of the Constitution of India by the Indian Government. The GST tax then replaced other multiple taxes used by the central and state governments.
GST Tax Features
GST tax is the law set to reform how people do business, which means the goods and services are taxed. Here is a list of people and ways the new GST tax law applies:
- A person who supplies goods and services of more than 20 lakhs value in a financial year. The person has to register themselves for providing goods/services above that value.
- Every E-Commerce Operator
- To everyone who is making any inter-state taxable supply of goods/services.
- Taxable person.
- Non-Resident Taxable Person.
- Person supplying non branded goods/services through E-Commerce Operator.
- Input Service Distributor.
- A Person who is required to deduct/collect tax (TDS/TCS).
- An Agent or related person supplying goods.
- Person supplying online information and database access from outside India to a person residing in India.
- A person who is required to pay tax under Reserve Charge.
GST Late Fees
As per the laws laid down under GST, a late fee is an amount charged to the taxpayer for the delay in filling the GST Tax returns. A particular late fee gets charged for each delay when the GST taxpayer misses depositing GST returns within the scheduled date.
GST Late Fees Calculator
An amount of interest and a late fee is charged as per the GST Act upon missing to fill the GST return on the scheduled date. GST Late Fees Calculator will help you figure out the estimated amount you would have to pay after your scheduled GST return dates.
Everyone registered taxpayer has to pay an applicable interest if he fails to pay GST return before the due date. The interest on late payment of GST is as follows:
|Tax paid after the due date||18%|
|Excess ITC claimed or excess reduction in output tax liability||24%|
A late fee is charged to the taxpayer when he does not file GST return before the due date. This late fee amount is calculated depending upon the number of days delayed from the scheduled date. The late fee under GST is also applicable for the ‘NIL’ return filers. The following is the applicable late fee for GSTR-3B:
|Particulars||Normal Return Filers||Nil Return Filers|
|CGST Act||Rs 25||Rs 10|
|SGST/UTGST Act||Rs 25||Rs 10|
|IGST Act||Rs 50||Rs 20|
Steps to Use the Interest Calculator
- State name: Select the State name from the drop-down provided with the list of States.
- Turnover category: Select your Turnover category, i.e. the Aggregate Turnover of the business at the PAN level as per the previous financial year.
- Tax period: And select the return period for which you want to calculate the interest and late fee due to delay in making payment and filing the return
- Return filed on: Enter the date on which you are going to file the return
- Tax Liability: Enter the tax liability on the Outward supplies and Output tax liability (Sales) as per your book
- ITC Available: Enter the Input tax credit (Purchases) as per your books
- Cash to be paid: We will calculate the Net tax liability(on which interest and Late fee is computed)
- Submit: Click on ‘Submit’ to get your tax liability.
How to calculate Interest and Late Fees? (See example)
- State name: Maharasthra.
- Turnover category : TO > Rs.5cr
- Tax period: Feb 2020
- Return filed on: 15-05-2020
- Tax Liability : IGST -Rs.10000 CGST – Rs.2500 SGST -Rs.2500 Cess – Rs.1000
- ITC Available : IGST -Rs.6000 CGST – Rs.500 SGST -Rs.500 Cess – Rs.100
- Cash to be paid : IGST -Rs.4000 CGST – Rs.2000 SGST -Rs.2000 Cess – Rs.900
- Submit : Click on ‘Submit’ to get your tax liability.
- Tax Liability : Rs.8900 (IGST -Rs.4000 CGST – Rs.2000 SGST -Rs.2000 Cess – Rs.900)
COVID Relaxed Dates for the return period Feb 2020
Original Due date = 20-03-2020
Relaxed Date with 0% pa = Till 04-04-2020
Relaxed Date with 9% pa = Till 23-06-2020
Regular Int Rate @18% pa = After 24-06-2020
Return filed on 15-05-2020
Here GSTR-3B is filed on 15-05-2020, which is falling in Relaxed Date with 9% pa.
Calculation of No of Days
1. If the Turnover < 1.5Cr > 5Cr Date of filing the return minus Due date of the return.
2. If the Turnover > 5Cr Date of filing the return minus Relaxed due date.
Calculation of no of Days, Interest amount and Late fee
|Return filed on||= 15-05-2020|
|Relaxed date with 0% pa||= 04-04-2020|
|No of days||= 26+15 = 41|
|Rate of Interest||= 9% pa|
|Tax liability||= Rs.8900|
|Interest||= 8900*0.09*41/366 = Rs.90|
|Late Fee||= Nil (waived off if filed with in 24-06-2020)|
GST Late Fees Calculator- FAQs
✅ What happens if someone doesn’t pay their GST late fee?
A taxpayer is charged with a minimum penalty of Rs 10,000 and a maximum penalty of 10% of the total tax unpaid if they don’t pay back their GST late fee.
✅ What happens if GST return is not filled for 6 Months?
In such a case, the GST officer may cancel the GST registration of the particular taxpayer.
✅ Is filling GST return every month is mandatory?
According to the rules laid down under GST Act, every registered taxpayer must file GST return each month.
Table of Contents
- 1 GST Late Fees Calculator
- 2 About GST
- 3 GST Tax Features
- 4 GST Late Fees
- 5 GST Late Fees Calculator
- 6 GST Late Fees Calculator- FAQs