Calculation of GST Interest | Auto populated GST Interest in GSTR 3B

👨🏻‍🎓Join our practical course in GST, Income Tax & TDS - https://fintaxpro.in/courses/ The Goods and Services Tax Network ("GSTN") has issued Advisory dated January 08, 2022 regarding new functionality of interest calculator being released in GSTR-3B on GST Portal for Taxpayers. Introducing Interest calculator - To facilitate taxpayers in doing self-assessment, the new functionality of interest calculator is being released in GSTR-3B. This functionality will assist taxpayers in calculating the interest applicable for delayed filing of returns. Taxpayers will have to verify and discharge the correct interest liability as per law, as payment of interest is a statutory compliance. Interest computation - The interest computed by the system has been aligned with the Section-50 of the CGST Act, 2017, as amended. Consequently, interest liability for respect of supplies made during the present tax-period and declared in the GSTR-3B for this period will be calculated only on that portion of the tax which is paid by debiting the electronic cash ledger, i.e., tax paid in cash. With respect to the liability pertaining to the previous tax-period(s), and paid in later GSTR-3B, the interest will be computed for the entire liability, whether paid by debiting the electronic cash ledger or electronic credit ledger. Auto-population of system computed interest This new functionality will compute the minimum interest applicable on the basis of the values declared by the taxpayers in GSTR-3B for a particular tax-period. This system computed interest will be auto-populated in Table-5.1 of GSTR-3B for the next tax-period, the way it is done for the Late fees at present. The system computed interest values auto-populated in next GSTR-3B return will be kept editable, initially. However, the system generated PDF of filed GSTR-3B will contain both values: the System computed interest, and the user paid interest values. 📍For query related to course please contact below 📩 [email protected] 📞8368741773 📍For consultancy please contact below 📩 [email protected] 📞9718097735 Cheers Folks Thanks for Watching :) Team Fintaxpro Our Website - https://fintaxpro.in/ Our Official App - https://bit.ly/33lLehP Our Social Handles- https://linktr.ee/fintaxpro Disclaimer- Although all provisions, notifications, updates, and live demos are analyzed in-depth by our team before presenting to the public. We hereby provide our point of view only and tax matters are always subject to frequent changes hence advisory is only for the benefit of the general public. Hence neither Fintaxpro Advisory LLP nor its designated partner is liable for any consequence that arises on the basis of YouTube videos. ©️Fintaxpro Advisory LLP