Archives September 2018

TDS, TCS for GST kick-in from October 1: Deduction, registration, compliance, challenges – All you need to know

TDS, TCS for GST kick-in from October 1: Deduction, registration, compliance, challenges – All you need to know

The GST law requires TDS to be deducted by certain specified Government bodies/ PSUs, where the total value of supply, under a contract, exceeds Rs. 2,50,000.
By: September 27, 2018 8:08 PM
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The sudden but delayed implementation of TDS provisions from 1 st October 2018 has presented certain challenges amongst the industry.
By Badri Narayanan & Shweta Walecha

After the GST regime gained momentum, the government decided to introduce TDS and TCS provisions. The GST law requires TDS to be deducted by certain specified government bodies/ PSUs, where the total value of supply, under a contract, exceeds Rs 2,50,000.

The recipient of supply i.e. the TDS Deductor is obligated to deduct 2% (1% CGST + 1% SGST) from the payment made or credited for taxable goods or services or both. The aim to bring this provision is to keep a watch on tax evasion and leakages to the extent possible.

The sudden but delayed implementation of TDS provisions from 1 st October 2018 has presented certain challenges amongst the industry. The challenges would range from initial hiccups to long-lasting impact on the business of companies. Some noticeable challenges with this implementation are outlined below.

Transitioning to TDS:

The priority for the deductors at this stage is smooth transition considering the additional compliance and legal requirements to deduct tax. This has resulted in businesses analyzing the trigger point for deduction of tax. One key issue is whether TDS provisions apply to supplies made prior to 1 st October but where payments are received after this date. In order to answer this question, the interpretation of legal provisions becomes critical.

TDS on inter-State supplies:

The GST Law excludes TDS where the supplier registration and the place of supply registration of the TDS deductor are in different states. The provisions do not say that TDS is not applicable to inter-State supplies. However, the FAQ

released by Karnataka Government seems to indicate TDS is not to be deducted on inter-State supplies (irrespective of the location of supplier/ place of supply/ location of recipient).

Although the understanding in the FAQ seems to be incorrect, the Department is yet to clarify this position or make the relevant changes to the law. Till then, it remains unclear whether TDS is to be deducted on inter-State supplies.

TDS on inter-unit transactions:

The transactions between two registrations of a same company (even without any consideration) are taxable under GST. As per the provision under TDS, deduction is to be made on payment made or credited to the supplier.

Different companies follow different practices with respect to the compensation mechanisms between its units. In such cases, TDS provisions may pose significant accounting and legal challenges.

Contract value or supply value?

The TDS provision specifies that the tax is to be deducted where the total value of such supply, under a contract, exceeds 2.5 lakh. The question that arises is whether the tax is to be deducted for all supplies under one contract, where the contract value exceeds 2.5 lakh, or the value qua each supply is to be considered irrespective of the contract value. In absence of clarification, the provision could have serious ramifications.

Deduction of exempt supplies?

As per the legal provisions, TDS is to be deducted from payments made or credited for taxable goods or services or both. Taxable supplies have been defined as “supply of good or services or both leviable to tax under the Act”. Therefore, the supplies which have been made exempt by virtue of exemption notifications would also be considered as taxable supplies.

This brings us to the question, whether TDS is to be deducted on payments pertaining to supplies which have been made exempt? Under the Income Tax Law, various Circulars have clarified the non-requirement of deduction in

situations where the income is unconditionally exempt. Under GST laws, similar clarifications have not been issued and have been a concern for companies.

Compulsory registration for deductors:

Persons who are required to deduct tax are required to obtain registration (whether or not registered separately). The provision does not address the situation where a person is operating through multiple places of business in one State. It remains unanswered whether such a person would require separate registration for each place of business to comply with the compulsory registration provision or a single registration for the entire State would be enough.

Additional compliance burden:

In addition to legal issues, the business would be required to prepare themselves for certain compliance requirements. Over and above the existing returns, the person deducting the tax would also be required to file GSTR-7 for furnishing the details of tax deducted.

The Deductor would also be required to furnish to the Deductee (supplier of goods or services) a TDS certificate mentioning the contract value, rate of deduction, amount deducted, and amount paid to the government within 5 days from the date the TDS is deposited.

With fresh challenges under the GST, all the stakeholders must be ready for implementation of the TDS provisions before 1 st October 2018. There is a dire need to clarify the open issues to avoid confusion.

It will be interesting to see whether the issues relevant for TDS implementation are discussed and clarified during the 30th GST Council Meeting scheduled on 28.09.2018. We can only wait and watch.

 

Source

ttps://financialexpress.com

Advocates not required to register as GSTPS, representation sent to GST council, Hasmukh Adhia & FM

Advocates not required to register as GSTPS, representation sent to GST council, Hasmukh Adhia & FM.

Tha Tax Bar Association Pune 25 sept 2018

gst practitioner exam application registration started

GOVERNMENT OF INDIA
MINISTRY OF FINANCE, DEPARTMENT OF REVENUE
NATIONAL ACADEMY OF CUSTOMS, INDIRECT TAXES & NARCOTICS, FARIDABAD
PRESS RELEASE
September 17th , 2018
EXAMINATION FOR CONFIRMATION OF ENROLLMENT OF GST PRACTITIONERS

 

The National Academy of Customs, Indirect Taxes and Narcotics (NACIN) has been authorized
to conduct an examination for confirmation of enrollment of Goods and Services Tax
Practitioners (GSTPs) in terms of the sub-rule (3) of rule 83 of the Central Goods and Services
Tax Rules, 2017, vide Notification No. 24/2018-Central Tax dated 28.5.2018.
The GSTPs enrolled on the GST Network under sub-rule (2) of Rule 83 and covered by clause
(b) of sub-rule (1) of Rule 83, i.e. those meeting the eligibility criteria of having enrolled as
sales tax practitioners or tax return preparer under the existing law for a period not less than
five years, are required to pass the said examination before 31.12.2018 in terms of second
proviso to rule 83(3). The examination for such GSTPs shall be conducted on 31.10.2018 from
1100hrs to 1330 hrs at designated examination centres across India.
It will be a Computer Based Exam. The registration for this exam can be done by the eligible
GSTPs on a registration portal, link of which will also be provided on NACIN and CBIC
websites. The registration portal will be activated on 25th September, 2018 and will remain
open up to 10th Oct 2018. For convenience of candidates, a help desk will also be set up, details
of which will be made available on the registration portal. The applicants are required to make
online payment of examination fee of Rs. 500/- at the time of registration for this exam.
Pattern and Syllabus of the Examination
PAPER: GST Law & Procedures:
Time allowed: 2 hours and 30 minutes
Number of Multiple Choice Questions: 100
Language of Questions: English and Hindi
Maximum marks: 200
Qualifying marks: 100
No negative marking
Syllabus:
1. Central Goods and Services Tax Act, 2017
2. Integrated Goods and Services Tax Act, 2017
3. State Goods and Services Tax Acts, 2017
4. Union Territory Goods and Services Tax Act, 2017
5. Goods and Services Tax (Compensation to States) Act, 2017
6. Central Goods and Services Tax Rules, 2017
7. Integrated Goods and Services Tax Rules, 2017

8. All State Goods and Services Tax Rules, 2017
9. Notifications, Circulars and orders issued from time to time.

Link.

https://nacin.onlineregistrationform.org/NACIN/LoginAction_loadIndex.action

IMPORTANT DATES

Commencement of on-line submission of application form 25/09/2018 at 00:00 AM
Last Date of submitting the details Application form 10/10/2018 at 11:59:59 PM
Hall Ticket / Admit Card can be downloaded (Tentative) 20/10/2018
Date of Computer Based Test 31/10/2018
Declaration of Result / Merit List 05/11/2018

Candidate Instruction

Please carefully read the following instructions for filling up application form:

  1. Only those GST Practitioners are eligible to login who qualify the criteria specified at clause (b) of sub-rule (1) of rule 83 of the CGST Rules 2017 and whose enrolment on GST portal in terms of sub-rule (2) has already been approved as on 24.09.2018.
  2. Candidates are required to login on Examination registration portal with the help of GST enrolment number (login id) and PAN no. (password).
  3. The GST enrolment number has been provided to each eligible candidate by GSTN on his enrolment on the GST portal.
  4. Application form will appear on the screen after a candidate successfully logs in.
  5. Based on the GST enrolment number and PAN number provided by a candidate on the login page, the application form will auto-populate candidate’s data already available with the GST Network such as name, address, mobile number, email address etc. This data is the same which was provided by the candidate in Form PCT-01 while applying for enrolment as GST Practitioner on the GST portal.
  6. Hence, in the online application form on this Examination registration portal, a candidate is required to fill in/provide only the following information/documents:
    1. three choices of test centres (stations) from the drop-down menu,
    2. softcopy of passport size photograph (File Type JPG, JPEG, PNG of Size 20 to 60 KB), and
    3. softcopy of signatures(File Type JPG, JPEG, PNG of Size 10 to 30 KB).

    The candidates will be prompted to choose from the following list of test centres (stations):

    Sr. No. City Name Sr. No. City Name
    1 Hyderabad 18 Imphal
    2 Itanagar 19 Shillong
    3 Dispur 20 Aizawl
    4 Patna 21 Kohima
    5 Raipur 22 Bhubaneswar
    6 Panaji 23 Jaipur
    7 Ahmedabad 24 Gangtok
    8 Chandigarh 25 Chennai
    9 Shimla 26 Agartala
    10 Jammu 27 Dehradun
    11 Srinagar 28 Lucknow
    12 Ranchi 29 Kolkata
    13 Bengaluru 30 Mysore
    14 Pune 31 Delhi
    15 Thiruvananthapuram 32 Guntur
    16 Bhopal 33 Puducherry
    17 Mumbai
  7. Once a candidate submits completed application form on the registration portal, he will be prompted to pay the examination fee of Rs 500 online.
  8. On completion of online fee payment, the candidate will be guided to access ‘Candidate’s Dashboard’ from where the submitted application as well as Admit Card can be downloaded. Score card and Examination Certificate will also be made available for download on the same Dashboard.

 

CBDT extends due dt for filing of Income Tax Returns & audit reports from 30th Sept,2018 to15th Oct, 2018

CBDT extends due dt for filing of Income Tax Returns & audit reports from 30th Sept,2018 to15th Oct, 2018 for all assessees liable to file ITRs for AY 2018-19 by 30.09.2018,after considering representations from stakeholders. Liability to pay interest u/s234A of ITAct will remain

Income Tax audit due date to be extented to October 31st.

Income Tax audit due date to be extented to October 31st.
Hope to notification until Monday.
finance Minister Mr.Arun Jetley has prima facie agreed to the extention of due dates.

Now TDS/TCS for GST also, provisions to come into effect from October 1

Now TDS/TCS for GST also, provisions to come into effect from October 1
The government has notified October 1 as the date for implementing the tax deducted at source (TDS) and tax collected at source (TCS) provisions under GST law.

By: PTI September 13, 2018 7:38 PM
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Now TDS/TCS for GST also, provisions to come into effect from October 1
The government has notified October 1 as the date for implementing the tax deducted at source (TDS) and tax collected at source (TCS) provisions under GST law. As per the Central GST (CGST) Act, the notified entities are required to collect TDS at 1 per cent on payments to goods or services suppliers in excess of Rs 2.5 lakh. Also, states will levy 1 per cent TDS under state laws.

E-commerce companies will now be required to collect up to 1 per cent TCS while making any payment to suppliers under the Goods and Services Tax (GST). States too can levy up to 1 per cent TCS under State GST (SGST) law. EY Tax Partner Abhishek Jain said, “The e-commerce companies for TCS and various PSUs/ Government Companies for TDS would need to quickly gear up their ERP systems to comply with these provisions from 1st October.

With audit report as well being notified, the industry would now really need to buckle up, especially given the short time frame.” AMRG & Associates Partner Rajat Mohan said the government has notified operation of TDS provisions on payments made by government agencies and TCS provisions for specified e-commerce operators effective October 1, 2018.

“These twin provisions are expected to further deepen the penetration of tax authorities in the economy, and it is likely to carve out widespread tax evasion of not only indirect taxes but also direct taxes,” Mohan said.

The GST, which subsumed over a dozen local taxes, was rolled out from July 1, 2017. However, to make it simpler for businesses in the initial months of rollout, TDS/TCS provisions of GST laws were kept in abeyance till June 30. Later on, it was deferred till September 30, 2018.

Source by https:/financialexpress.com/

ICICI बैंक ने किया GST बिजनेस लोन सुविधा का एलान, MSME को मिल सकेगा 1 करोड़ रुपये तक का कर्ज

ICICI बैंक ने किया GST बिजनेस लोन सुविधा का एलान, MSME को मिल सकेगा 1 करोड़ रुपये तक का कर्ज

नई दिल्ली (बिजनेस डेस्क)। छोटे कारोबारियों के लिए राहत की खबर है। निजी क्षेत्र के बैंक आइसीआइसीआइ बैंक ने सूक्ष्म, लघु और मध्यम उद्यमियों (एमएसएमई) के लिये वर्किंग कैपिटल फैसिलिटी का एलान किया है। इसके लिए कारोबारियों को अपने जीएसटी रिटर्न में रजिस्टर्ड बिजनेस के आधार पर ओवरड्राफ्ट (ओडी) मिल सकता है। बैंक ने इस सुविधा का नाम ‘जीएसटी बिजनेस लोन’ रखा है। इस सेवा का लाभ वे भी उठा सकते हैं जो आइसीआइसीआइ बैंक के ग्राहक नहीं है। जानकारी के लिये बता दें कि इस योजना के तहत एक करोड़ रुपये तक का कर्ज लिया जा सकता है।

सोमवार को जारी विज्ञप्ति में बैंक ने कहा, “इस सुविधा के जरिए बैहतर और तुरंत ओवरड्राफ्ट की सुविधा मुहैया कराई जाएगी। इसमें पेपरवर्क की जरूरत को खत्म कर दिया जाएगा जिनमें बीते वर्षों की बैलेंस शीट शामिल होती थी।”

एमएसएमई को दो कार्यकारी दिनों में ओवरड्राफ्ट राशि मंजूर कर दी जाएगी और बैंक वर्किंग कैपिटल लिमिट की योग्यता जांचने के लिए उनके जीएसटी रिटर्न का मूल्यांकन करेगा।

आइसीआइसीआइ बैंक के एग्जिक्युटिव डायरेक्टर अनूप बागची ने कहा, “चूंकि जीएसटी विस्तृत बिजनेस फ्लो की गणना करता है हमें भरोसा है कि जीएसटी रिटर्न एमएसएमई को कर्ज देने के परिप्रेक्ष्य को बदल देगा। यह तेज और बिना किसी दिक्कत के वित्तीय संस्थानों से वर्किंग कैपिटल मुहैया कराएगा।”

ओवरड्राफ्ट की राशि 10 लाख रुपये से एक करोड़ रुपये के बीच होगी। साथ ही जीएसटी रिटर्न में दाखिल टर्नओवर का 20 फीसद तक की हो सकती है। इस सुविधा का लाभ उठाने के लिए एमएसएमई रेजिडेंशियल, कॉमर्शियल या इंडस्ट्रियल प्रॉपर्टी को कलैटरल सिक्योरिटी के रूप में रख सकते हैं। ग्राहक को किसी तरह की कोई फाइनेंशियल स्टेटमेंट नहीं दिखानी होगी।

Source https://m.jagran.com/

जीएसटी काउंसिल राजस्व बढ़ाने के तलाशेगी उपाय, 28 सितंबर को होगी बैठक

जीएसटी काउंसिल राजस्व बढ़ाने के तलाशेगी उपाय, 28 सितंबर को होगी बैठक

नई दिल्ली (बिजनेस डेस्क)। जीएसटी संग्रह में गिरावट के मद्देनजर जीएसटी काउंसिल चालू वित्त वर्ष में अब तक इस अप्रत्यक्ष कर से मिले राजस्व की समीक्षा करने जा रही है। जीएसटी काउंसिल की 28 सितंबर को होने जा रही इस बैठक में राजस्व संग्रह बढ़ाने के उपायों पर भी चर्चा होगी।

सूत्रों ने कहा कि केंद्रीय वित्त मंत्री अरुण जेटली की अध्यक्षता में जीएसटी काउंसिल की बैठक वीडियो कान्फ्रेंसिंग के माध्यम से होगी। इस बैठक में चालू वित्त वर्ष में अप्रैल से अगस्त तक शुरुआती पांच महीनों के जीएसटी संग्रह की राज्यवार समीक्षा की जाएगी।

सूत्रों ने कहा कि जीएसटी काउंसिल की अगली बैठक में सूक्ष्म, लघु और मझोले उद्यमों की समस्याओं को दूर करने के लिए भी संभावित उपायों पर चर्चा की जा सकती है। खासकर निर्यातकों से जुड़े मुद्दों को सुलझाने के लिए भी कदम उठाए जा सकते हैं। इससे पूर्व चार अगस्त को जीएसटी काउंसिल की बैठक में सरकार ने एमएसएमई से जुड़े मुद्दों पर मंथन किया था और इन मुद्दों के समाधान के लिए एक समिति का गठन किया था।

जेटली के स्वस्थ होकर पुन: वित्त मंत्री का पद संभालने के बाद यह पहली बार है जब जीएसटी काउंसिल की बैठक हो रही है। पहले यह बैठक गोवा में प्रस्तावित थी लेकिन बाद में इसे वीडियो कान्फ्रेंसिंग से करने का निर्णय किया गया। राज्यों को भी इस संबंध में सूचित किया जा चुका है।

केरल को राहत देने के लिए भी हो सकते हैं फैसले

जीएसटी काउंसिल की बैठक में बाढ़ से प्रभावित केरल की मदद के लिए राहत देने वाले निर्णय भी लिए जा सकते हैं। बाढ़ से प्रभावित केरल के लिए राहत देने वाले जिन उपायों की घोषणा की जा सकती है उसमें पर्यटन को प्रोत्साहन देने के लिए उपाय शामिल हैं। इससे पहले भी सरकार जीएसटी रिटर्न दाखिल करने की अंतिम तिथि को आगे बढ़ाकर केरल के कारोबारियों को राहत दे चुकी है। सूत्रों का कहना है कि बाढ़ के चलते केरल में अगस्त व सितंबर दो माह का जीएसटी राजस्व काफी कम रहेगा लेकिन इसके बाद के महीनों में जैसे-जैसे पुननिर्माण के कार्य में तेजी आएगी, वैसे ही जीएसटी संग्रह भी वहां बढ़ेगा।

Source https://m.jagran.com/

Last chance to claim GST Credits for previous fiscal: All you need to do within this month

Last chance to claim GST Credits for previous fiscal: All you need to do within this month

One such requirement is to report the invoices, credit and debit notes pertaining to the last year in the return to be filed for September 2018.
By Priyajit Ghosh

The credit of GST paid on expenses against the GST collected on revenue is the heart of a ‘value added’ tax system. Thus, GST credits are no lesser than cash when it comes to GST payment. During any audit or inspection, tax authorities would go through the credits to ascertain if ‘ineligible’ credits are claimed resulting into short payment of tax. The credit is allowed subject to certain conditions as well as compliances under the GST law.
Return to be filed for September happens to be the last return to take all credits pertaining the previous financial year. So what are the key steps? There are broadly five steps that are recommended to be undertaken.

First, a reconciliation is recommended between the books of accounts and GSTR 2A. GSTR 2A can be downloaded from the GSTN portal which comprises of supplies reported by the suppliers. Reconciliation is likely to throw some interesting perspective such as suppliers reporting supplies to a different GSTN i.e. a different State, missing reporting by suppliers, etc.
On the other hand, books of accounts may have captured incorrect invoice numbers on account of inadvertent errors by the accounts payable team or shared service center. Sometimes the invoices numbers are recorded with extra zeros, non-acceptable special characters, etc. This would lead to broadly two types of actions viz. follow up with the supplier to correct the particulars uploaded in their GSTR-1 or correct the entries made in the books of accounts.
Second, having reconciled the books and GSTR 2A, the next step would be to reconcile the credit which has been reported in GSTR 3Bs. Often, the entire credit is not claimed in the same month owing to various reasons such as lack of clarity on eligibility, dispute with the suppliers on the invoice value.

Third, adjustments on account of debit or credit note would also needs to be similarly considered.
Fourth, the overall credit for the previous year would need to be finalized in view of the exempt and taxable supplies made during the year. This would require computation of the value of supplies and, finally determining the credit eligible during for the previous year.
Lastly, trend analysis of the reasons for the reconciliation should be undertaken to prevent recurrence of mismatch. Often a pattern can be noticed. For instance, mismatches attributable to few suppliers, type of mismatches, geographies. Instead of a mere reconciliation of the numerical aspect, a qualitative methodology can be put in place. The reasons may be prioritized mostly in terms of financial impact and an action plan to take corrective measure for the year and monitoring mechanism may be instituted say over monthly or quarterly basis. This is the most important step however, the most ignored one as well. This would help to eliminate the potential credit ‘gaps’ and reconciliation issues when the proposed ‘upload, lock and pay’ based credit mechanism is implemented.
To summarize, unlike the previous tax regime, under GST, credit is subject to various requirements. One such requirement is to report the invoices, credit and debit notes pertaining to the last year in the return to be filed for September 2018. The due date for filing the September return is 20 October except in case of newly migrated taxpayers who can file return by December 31. A reconciliation and review exercise of credit would, perhaps, be the last step to finalize the credit of the last year.
Priyajit Ghosh is Partner, KPMG India. With inputs from Kunal Kohli.

(Disclaimer: The opinions expressed in this column are that of the writer. The facts and opinions expressed here do not reflect the views of www.economictimes.com and www.neeleshkushwaha.com)

Source by www.economictimes.com

Missed the income tax return filing deadline? Here’s what you can do

Missed the income tax return filing deadline? Here’s what you can do
By Devansh Sharma, ET Online | Updated: Sep 01, 2018, 12.00 PM

You can file belated return for FY2017-18 by March 31, 2019, i.e., before the end of the current AY.
If you have missed the extended income tax return (ITR) filing deadline as well, there’s still a chance for you to file your return. However, there are certain points you need to understand before you avail this last chance. An ITR filed after the due date is referred to as ‘Belated Return’. Following the amendments in Finance Act, 2017, filing a belated return can cost you dear, i.e., you will have to pay a penalty from this year. Below is your primer on filing belated tax returns:

What is a belated income tax return?
If an individual fails to file their ITR by the due date, then as per section 139(4) of the income tax Act, he can file a belated return.

What is the deadline to file belated ITR?
A belated return can be filed at any time before the end of the relevant assessment year or before completion of assessment, whichever is earlier. If you are filing a belated return for FY16-17, then you need to fill the applicable ITRs as notified for this FY, and not for any previous or later FY. The relevant assessment year for a financial year is the immediately succeeding financial year.

This means that you can file belated return for FY2017-18 by March 31, 2019, i.e., before the end of the current assessment year (AY2018-19).

Can you revise belated tax returns?
Yes, ITR for FY 2016-17 and onward filed under section 139(4), which is applicable for belated tax returns, can be revised. However, belated returns filed for previous financial years cannot be revised because the income tax law for this was changed from FY 2016-17.

Amarpal Chadha, Tax Partner & India Mobility Leader, EY explains, “With effect from the financial year 2016-17, a belated return can be revised. For the financial year 2017-18, a belated return can be revised either before the end of the assessment year, i.e., end of the following financial year (August 31, 2019) or before the completion of assessment of the tax return by the tax authorities, whichever is earlier.”

What do I stand to lose if I file belated returns?
You will have to pay a penalty and you will also stand to lose certain benefits for not adhering to the income tax filing deadline. Here are the disadvantages of filing a belated return:

Penalty
Until the last AY, there was no penalty for filing belated income tax returns. However, this penalty is applicable from AY 2018-19, i.e., for FY2017-18. A new section, 234F, was inserted by the government in the Income Tax Act. As per this section, an individual would have to pay a fee of up to Rs 10,000 for filing ITR after the due dates specified in section 139(1) of the Act.

According to the amendments made in the Budget 2017, taxpayers are liable to pay a penalty of Rs 5,000, if their tax return for the financial year 2017-18 is filed after the return filing deadline (i.e., August 31, 2018) but before December 31, 2018. The penalty would increase to Rs 10,000, if the ITR is filed on or after January 1, 2019. However, if the total income of the taxpayer is less than Rs 5 lakh, the penalty amount will not exceed Rs 1,000.

Cannot carry forward loss
If you file a belated return you cannot carry forward losses (except loss from house property). Losses under the following heads of income: Income from business and profession including speculation business, capital gains, and income from other sources, cannot be carried forward in case a belated return is filed by the tax payer. The return filer will not be allowed to carry forward these losses even if all taxes have been paid in time if the return is belated.

Levy of interest under section 234A
It is important to note that if you have any unpaid tax liability then penal interest on the same would be leviable, as applicable to your case, in case you have filed a belated return.
But if no tax is payable, the taxpayer won’t be liable to pay this interest solely due to the belated filing of ITR for FY17-18.

If the income tax department, upon assessing your return, raises demand for additional tax payment then you would have to pay penal interest on that tax as well as the additional tax. Therefore, it is recommended to file your return on time.