Interest calculator coming soon to GSTR-3B for monthly tax deferred payment: The Tribune India

New Delhi, January 9

GST Network, which provides the technological backbone of the indirect tax regime, will soon release an interest calculation feature in the GSTR-3B Monthly Tax Payment Form to help taxpayers calculate interest for the payment. deferred tax.

This new feature will calculate the minimum applicable interest based on the values ​​reported by taxpayers in GSTR-3B for a particular tax period, GSTN said in a notice. “To facilitate taxpayer self-assessment, the new interest calculator functionality is released in GSTR-3B. This feature will help taxpayers calculate the applicable interest for late filing. Taxpayers will have to verify and pay the correct interest obligation according to the law, because payment of interest is legal compliance, ”he said.

In accordance with the Goods and Services Tax Act, 18% interest is charged for non-payment of tax payable on time, while 24% interest is charged for undue or excess demand input tax credit (ITC) or product tax reduction.

This feature will soon be available on the GST portal, according to the notice, adding that it will make filing the return easier. Rajat Mohan, Senior Partner of AMRG & Associates, said: “This change will improve the user experience by giving them the tools to calculate accurate interest expense and enable authorities to collect in a timely manner. PTI

Source link

Elaine R. Knight