GST Interest Calculator
Goods and Services Tax (GST) law in India, timely payment of tax is mandatory. If GST tax is deposited after the due date, the taxpayer is required to pay GST interest at prescribed rates. A GST Interest Calculator helps taxpayers accurately calculate interest payable on delayed tax payment for CGST, SGST, and IGST.
What is GST Interest?
GST Interest is a statutory charge levied on taxpayers for delayed payment of GST tax. Interest is calculated on the outstanding tax amount from the day after the due date until the date when tax is actually deposited in the government account.
GST interest is mandatory and cannot be waived unless specifically notified by the government.
GST Interest Rates as per GST Law
As per the GST Act, interest is charged at the following rates:
18% Interest Rate
- Applicable in normal cases of delayed tax payment
- Charged when tax is paid late without fraud or suppression
24% Interest Rate
- Fraud
- Willful misstatement
- Suppression of facts
What is a GST Interest Calculator?
A GST Interest Calculator is an online tool that automatically calculates interest payable on delayed GST tax payment. By entering simple details like dates and tax amounts, taxpayers can avoid manual calculation errors.
Details Required in GST Interest Calculator
To calculate GST interest, you need to enter:
- Interest Rate (18% or 24%)
- Return Due Tax Date
- Tax Deposit Date
- Â CGST Amount
- SGST Amount
- IGST Amount
The calculator then displays:
- Number of delay days
- CGST Interest
- SGST Interest
- IGST Interest
- Total Interest Payable
Disclaimer – This GST Interest Calculator is provided for general information and estimation purposes only. The interest calculations are based on standard GST provisions, applicable interest rates (18% and 24%), and the dates entered by the user.