Latest New feature in GSTR 3B - under the GST Portal

New feature in GSTR 3B - GST Portal

• The GST Network, which functions as the technology backbone for the indirect tax system, will soon include interest calculator capabilities to the monthly tax payment form GSTR-3B, which will aid taxpayers in computing interest for late payments.
• In an advisory, GSTN stated that this new functionality will compute the minimum interest applicable based on the values disclosed by taxpayers in GSTR-3B for a particular tax period.

• "The new interest calculator functionality in GSTR-3B is being provided to help taxpayers with self-assessment. This feature will help taxpayers figure out how much interest they'll have to pay if they file their returns late. Taxpayers will be required to verify and discharge the correct interest liability in accordance with the law, as interest payment is a statutory requirement "It was mentioned.

• According to GST rules, if you don't pay your tax bill on time, you'll be charged 18% interest, and if you make an unreasonable or excessive claim of input tax credit (ITC) or reduce your output tax burden, you'll be charged 24% interest.

• The GST Portal will soon have this functionality, according to the advisory, which will make filing returns easier.

• Rajput Jain & Associates Senior Partner Swatantra kumar singh said,"Intrest Calculation factualty under 3B change will enhance the user experience by affording them the required tools to compute precise interest liability & enable GST authorities in a timely collection."

GST Council allows amendments in GSTR-3B.

• Compliances to be eased for e-commerce suppliers. 
• 6 new e-invoice portals to come soon.
• Council agrees to empower both State and Central Officers to issue Show Cause Notices.

Advisory on Interest calculator in GSTR-3B :

Detailed advisory regarding regarding Interest calculator in GSTR-3B

Annexure containing a sample computation of Interest calculator in GSTR-3B with screenshots of the upcoming functionality,

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