Interest calculator in GSTR-3B is now live on the GST Poral

Interest calculator in GSTR-3B is now live on the GST Poral

Interest Calculator in GSTR-3B is the new functionality deployed on the GST portal. This functionality has a user-friendly interface, which informs the taxpayers regarding the manner of system computation of interest values for each tax-head. This functionality also assists the taxpayers in doing correct computation of interest for the liability of any past period declared in the GSTR-3B for the current tax period, based on the details furnished by them on the portal.

Deployment of Interest Calculator in GSTR-3B

1. The new functionality of interest calculator in GSTR-3B is now live on the GST Portal.

2. This functionality will facilitate & assist the taxpayers in doing self-assessment. This functionality will arrive at the system computed interest on the basis of the tax liability values declared by the taxpayers, along with the details about the period to which it pertains. The interest appliable, if any, will be computed after the filing of the said GSTR-3B and will be auto-populated in the Table-5.1 of the GSTR-3B of the next tax-period. The facility would be similar to the collection of Late fees for GSTR-3B, filed after the Due date, posted in the next period’s GSTR-3B. This functionality will inform the taxpayers about the manner of system computed interest for each tax-head and hence will assist the taxpayers in doing correct computation of interest for the tax liability of any past period declared in the GSTR-3B for the current tax period.

3. For more details, please refer to the detailed advisory regarding the functionality, click here

For seeing an illustration of interest computation in GSTR-3B by the system with sample values & screenshots, click here

4. This functionality will further improve ease of filing return under GST and is, therefore, in the direction of further reducing the compliance burden for taxpayers.

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