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Yes. Interest under Sec 50 has no minimum or grace period. Even one day of delay creates interest.
GST
Interest on tax paid one day late
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Provisions
Sec 50(1), CGST Act 2017
Analysis
On ₹1,00,000, one day of interest at 18 percent is about ₹49. The portal may show it as system-computed interest in the next return. Pay it to keep your ledger clean, since unpaid interest can lead to recovery steps. Pay tax a day or two before the due date to be safe.
Close
- Compute interest for the one day.
- Pay it in the next return or DRC-03.
- Check the system figure in Table 5.1.
- Pay earlier in future.
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