What is the rate of interest and penalty under GST?
The department has divided the interest levy into 2 scenarios:
Case where the tax payable is not paid
Interest shall be paid @18% p.a
Case where sales are reduced or excess purchases are shown
Interest shall be paid @24% p.a
Penalty for non-filing of returns are Rs.100/- day per return up to a maximum of Rs.5, 000/- per return. So, the amount of penalty payable for not filing one month's return can run up to Rs.15, 000/-, being delay in filing for 3 returns for a month.