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New Functionality of the interest calculator in GSTR-3B on GST Portal:
The New GST functionality of interest calculator in GSTR-3B is now live on the Goods and Services Tax Portal. This Goods and Services Tax functionality will facilitate and assist the taxpayers in doing self-assessment.
This GST functionality will arrive at Online GST portal computed interest on the basis of Goods and Services Tax liability values declared by the GST taxpayers, along with details about period to which it related. The interest applicable, if any, will be computed after the Goods and Services Tax filing of the said GSTR-3B & will be auto-populated in the Table-5.1 of the GSTR-3B of the next tax-period.
The aforementioned function will help taxpayers calculate interest correctly for any past-due tax liabilities they may have declared in the GSTR-3B for the current tax period by providing them with information on how the system computes interest for each tax head.
To view a computation example of interest displayed in GSTR-3B by the system together with sample values and screenshots, The simple process of filing GST returns will be further enhanced by this feature, which will help taxpayers comply with less requirements going forward. Please refer to the complete advise addressing the functionality for further information. Click the link below to access the details of Functionality: Interest calculator in GSTR-3B
Above Link of GST will make the proper Understand the GSTR 3B's automatic interest calculation method. Where to enter the prior period's tax liability in GSTR 3B. Information that must be entered into the New Tab Tax Liability Breakup.
