GST Interest
Definition
Interest payable on GST paid late or on excess input tax credit wrongly claimed and utilised, charged at the notified rate from the due date until payment. It is distinct from the late fee for delayed filing.
Related Terms in India GST
GST Show Cause Notice (SCN)
A notice the GST department issues asking a taxpayer to explain why tax, interest or penalty should not be demanded, before an order is passed. Responding within the time allowed is essential to contest the demand.
GST Audit
An examination of a registered taxpayer's records to verify that turnover, tax paid, refunds and input tax credit are correct. It may be conducted by the department or required based on turnover under the law in force.
Aggregate Turnover
The total value of all taxable, exempt, export and inter-state supplies under a single PAN across India, excluding GST itself. It determines registration liability and eligibility for schemes like composition and QRMP.
TDS Challan (ITNS 281)
The challan used in India to deposit tax deducted or collected at source with the government, identifying the type of deduction and the period. Its details must match the TDS return for credit to flow to deductees.
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