Towards the assessee and for supporting the assessee as a service measure in executing the correct self-assessment an upgraded functionality of the interest calculator has been introduced inside GSTR-3B. The same functionality would come at the system calculated interest upon the grounds of the tax liability values as mentioned via assessee.
The interest is subjected to apply on the tax liability values declared inside GSTR-3B of the specific tax duration would be calculated post to furnishing the GSTR-3B. The same system calculated interest values would be auto-populated inside Table 5.1 of GSTR-3B of the subsequent tax duration. The same service is identical to the obtained late fees towards the GSTR-3B furnished post to the last date mentioned in the subsequent durations GSTR-3B.
This functionality poses a user-friendly interface that tells the assessee the calculation of the interest values towards every tax head. The assessee is also being supported by the same functionality in performing true calculation of the interest for the liability of any former duration declared in the GSTR-3B towards the present tax period upon the grounds of the information field through them on the GST portal.
This functionality would moreover rectify the simplicity of furnishing the returns beneath GST and is rendered for diminishing the compliance load for the assessee.
