THE GST PORTAL NOW HAS A NEW INTEREST CALCULATOR FUNCTION IN GSTR-3B

The Goods and Service Tax network announced the addition of an interest calculator to GSTR-3B on the GST Portal. The feature will make self-assessment easier and more convenient for taxpayers. This function will come in the system as computed interest based on the tax liability values submitted by taxpayers, and the facts about the period to which it relates. The appropriate interest, if any, will be computed after the GSTR-3B is filed and will be auto-populated in Table-5.1 of the GSTR-3B for the next tax period.

This functionality will inform taxpayers about the method by which the system calculates interest for each tax head, hence assisting taxpayers in calculating interest correctly for any tax due stated in the GSTR-3B for the current tax period.

To allow taxpayers to pay interest on past-due supplies declared in a GSTR-3B if any, a new button called ‘Tax Liability Breakup, as applicable’ has been added to GSTR-3B, and data is to be entered by clicking this button only by taxpayers who are making payment for liability relating to earlier tax-periods in the current GSTR-3B. Taxpayers can skip this option and continue filling their return as normal if the current GSTR-3B only contains liability for the current period.

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