What is the rate of interest one need to pay if GST is paid after due date?
Whether interest is compulsory to be paid and if we paid any advance money as tax, whether we will get interest on it?
How much interest rate on late payment of GST?
18% is the rate of interest on late payment of GST.
Whether interest will be paid on advance tax paid?
Section 50 of CGST Act, mentions 18% on late payment of tax. It also mentions 24% in case tax is paid by taking wrong input tax credit.
Interest is to be calculated on daily basis.
If delay is for 60 days then interest should be calculated as:
(Tax amount*18%*number of days)/365.
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