In GSTR-3B, GST Portal has added a new interest calculator feature.
A new interest calculator functionality is being launched in GSTR-3B as a convenience measure for taxpayers and to aid taxpayers in doing a correct self-assessment. This feature will arrive in the system as computed interest based on the taxpayers’ declared tax liability amounts. The interest due, if any, on the tax liability declared in the GSTR-3B for a given tax period will be calculated after the GSTR-3B has been filed. The interest values estimated by the system will be auto-populated in Table-5.1 of the GSTR-3B for the following tax period. The facility would work in a similar way to how late fees for GSTR-3Bs filed after the Due Date are collected and posted in the next period’s GSTR-3B.
This feature provides a user-friendly interface that tells taxpayers about the method used by the system to calculate interest values for each tax-head. This feature also helps taxpayers calculate interest correctly for any past-due liability declared in the GSTR-3B for the current tax period, based on the information they provide on the portal.
This feature will make it even easier to file a GST return, lowering the compliance burden for taxpayers even more.
This functionality will be communicated to taxpayers as soon as it becomes accessible on the GST Portal.