29.01.2022- GST portal gets interest calculator feature brings relief to small businesses

GST portal gets interest calculator feature brings relief to small businesses

New Delhi, Jan 28 (KNN) To make GST filling easier for small businesses, the GST Network has introduced interest calculation functionality operational on the GST portal.

Whilst filing their monthly tax payment form GSTR-3B, businesses and taxpayers can now calculate interest on delayed payment through this feature developed by GST Network.

According to a notification by the GST Network the system will compute interest on the basis of the tax liability values declared by the taxpayers, along with the details about the period.

The Goods and Service Tax Network (or GSTN) is a non-profit, non-government organisation which  manages the entire IT system of the GST portal.

The government uses this portal to track every financial transaction and provide taxpayers with all services – from registration to filing taxes and maintaining all tax details.

SOURCE: Knowledge and News Network

https://knnindia.co.in/news/newsdetails/sectors/gst-portal-gets-interest-calculator-feature-brings-relief-to-small-businesses

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