WebMar 15, 2024 · The levy of GST on the amount paid as interest on late payment of invoices is based upon the “test of supply”, i.e., one needs to satisfy whether the transaction is a supply, then only there will be a levy question of GST. Hence, it is apparent that interest received from a customer for late payment of an invoice is liable to GST. Web3.6. Is a late payment penalty subject to GST? Non-interpretative – other references: GSTR 2002/2 Goods and services tax: GST treatment of financial supplies and related supplies …
Interest calculator in GSTR-3B explained - ClearTax
WebApr 10, 2024 · Check your bank accounts: Late payments for the GST/HST credit and Ontario Trillium Benefit scheduled for before the Easter weekend will begin trickling out … WebJun 8, 2024 · Quarter Jan-Mar 21. 25 th April 21. 30 th June 21. 3. Filing of Form ITC-04: The due date for filing of Form GST ITC-04 (to be filed by Principal/Manufacturer for goods sent/received/supplied from Job Worker) for the quarter Jan-March, 2024, (due date 25th April, 2024) has been extended till 30th June, 2024. palao pediatric
GST on Interest, late fee or penalty for delayed payment - TaxGuru
WebMar 19, 2024 · The GST late filing penalty has been specified as follows: A person fails to furnish details of outward or inward supplies, monthly return or final return by the due date – The GST penalty for late filing is INR 100 for every day during which the failure continues, subject to a maximum of INR 5,000. A person fails to furnish the annual return ... WebJan 9, 2024 · The terms of the payment are that Mr B should make the payment within 60 days for the supply i.e by 08.03.2024 and if Mr B defaults in payment then interest @12 % p.a would be chargeable for default in payment. … WebDec 28, 2024 · Use the online GST Late Fees Calculator to calculate interest and late fees by following these steps: State name: Enter the appropriate State name from the list of States. Turnover category: Select the previous financial year turnover category or at the PAN level. Tax period: Select the return period for which late return fees and interest will ... paläontologe beruf