GST PORTAL New Feature.

GST Portal New Feature:

Interest payable under Sec 50 of the CGST Act 2017 will now be computed automatically by the system generated GSTR 3B. Initially it would be editable but later the same would be fixed as in case of Late fees. This would be in line with the retrospective amendment in carried in Sec 50 by FA 21 i.e. It would be computed on amount paid through cash ledger.

A.  Detailed advisory note issued by the GSTIN can be accessed below:

https://tutorial.gst.gov.in/downloads/news/interest_calculator_gstr3b.pdf

B. Also Sample computation medology with screenshots of this new upcoming functionality can be accessed below:

https://tutorial.gst.gov.in/downloads/news/interest_calculator_gstr3b_sample.pdf