This new performance will compute the minimal curiosity relevant on the premise of the values declared by the taxpayers in GSTR-3B for a specific tax interval, GSTN stated in an advisory.
GST Community, which supplies know-how spine for the oblique tax regime, will shortly launch curiosity calculator performance in month-to-month tax cost type GSTR-3B to assist taxpayers in calculating curiosity for delayed tax cost.
This new performance will compute the minimal curiosity relevant on the premise of the values declared by the taxpayers in GSTR-3B for a specific tax interval, GSTN stated in an advisory.
“To facilitate taxpayers in doing self-assessment, the brand new performance of curiosity calculator is being launched in GSTR-3B. This performance will help taxpayers in calculating the curiosity relevant for delayed submitting of returns. Taxpayers must confirm and discharge the right curiosity legal responsibility as per legislation, as cost of curiosity is a statutory compliance,” it stated.
As per Items and Companies Tax legislation, 18 per cent curiosity is charged for failure to pay tax legal responsibility on time, whereas 24 per cent curiosity is levied for undue or extra declare of enter tax credit score (ITC) or discount of output tax legal responsibility.
This performance can be made obtainable on the GST Portal shortly, the advisory stated, including it’ll enhance ease in submitting return. AMRG & Associates Senior Accomplice Rajat Mohan stated,”this modification will improve the consumer expertise by affording them the mandatory instruments to compute exact curiosity legal responsibility and allow authorities in a well timed assortment.”
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