watch_later 06/01/18

Good evening, Sir

We have filed GSTR3B of Sept'16 on 26th of Oct'17 due to technical problems of GST network.

Our output liability was Rs. 1,23,000/- & input received Rs. 1,85,000/-. So, we set off -62,000/- with itc balance. (And also Our previous month's ITC balance was Rs. -1,20,000/-). Now, do we have to pay interest for late filing? If yes, on which amount? Kindly guide us in this regard.

2 Responses | Latest response: 06/01/18 | Sort by Likes(thumb_up) Recent | GST Reply
watch_later 07/01/18

A huge relief, Thank you, Sir.

watch_later 06/01/18

Interest rate is 18% in case tax is paid late and 24% if input tax credit is availed wrongly.

However in your case since tax was not payable, you are not liable for interest payment.

Even late filing fee was waived for September so neither tax nor interest is payable by you.


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