In this tutorial, we will learn how to calculate the interest and late fees in GST.
Let’s get started,
Why do we need to pay late fees and Interest in the GST?
The GST department has already announced that if any GSTIN holder does not file their GST return, interest and late fees will be applicable.
So you have not filed your GSTR-3B return on the due date after that you would be paid the interest and late fees.
Formula to Calculate Interest in GST?
Interest = 50000*18%*(21days of June+ 20 days of July)/365
Formula to Calculate Late Fees in GST?
GST amount *interest(18%)*days/100*365 = Answer