Chandigarh: 100 firms get notices for not paying interest fee on GST

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As many as 100 city-based companies have failed to pay interest fee for filing goods and service tax (GST) returns late. The excise and taxation department of the UT administration has issued them notices, giving 15 days to pay the pending interest or face consequences. The action comes following the scrutiny of records of the GST numberholding companies. According to the records of the department, all the companies have a financial turnover of around Rs 1 crore per month. Sources said Rs 50 per day is the late fee.

The 20th of every month is the last date to pay the amount. Those who do not make the payment on time, they have to pay 18% interest on the total amount plus the late fee. “If anyone pays the GST after the deadline, the late fee is automatically added to the amount in the computer. So, whenever a businessman comes to pay the GST after missing the deadline, he has to pay the late fee by default. But that is not the case with the interest fee,” said a senior officer of the administration.

The computer system does not take or add the interest fee along with the monthly GST fee, giving businessmen a chance to avoid paying it. “During scrutiny, we identified around 100 companies and all of them are doing good business in the city,” said a senior officer of the administration.

Read More at: https://timesofindia.indiatimes.com/city/chandigarh/chandigarh-100-firms-get-notices-for-not-paying-interest-fee-on-gst/articleshow/72240418.cms

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