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February 1, 2022

4 New Recent Updates in GST

by CA Shivam Jaiswal in GST

4 New Recent Updates in GST

1. Interest in GSTR3B

This functionality is introduced to reduce the compliance burden and improve the ease of filing GST returns for taxpayers. This facility will assist taxpayers in self -assessment for interest calculation as the GST portal will now provide system computed interest in GSTR3B.  The liability on interest for the present period shall be computed only on the portion of liability paid by debiting the electronic cash ledger. Once you file GSTR3B for the current period the system will compute the interest. This computed interest will work on similar lines as that of computation of late fees on the GST portal and will reflect in GSTR3B for the next period.

2. Tax liability breakup table in GSTR3B used when declaring past period liability in current period

This is a new functionality on the GST Portal which facilitates breakup of liability wherein the tax liability declared in current month, includes liability of the previous month. This table includes columns with Period, IGST, CGST, SGST, CESS & Action taken.

3. Difference in GSTR3B 10%.> auto-populated Warning of suspension of registration

The warning states as follows, “Registration can be suspended as the percentage difference in liability declared in GSTR3B varies more than 10% with that declared in GSTR1 or the ITC claimed in GSTRB varies more than 10% with the values auto-populated from GSTR2B on the basis of GSTR1 filed by suppliers. Any significant difference between GSTR3B and GSTR1/2B could be a good enough reason for suspension of GST registration. Incase theses differences are not explained for sorted within the reasonable time after and opportunity of being heard the GST No may stand cancelled.

4. Liability paid percentage table in search for GSTR1 vs GSTR3B% compare

The percentage of liability paid represents quantum of liability auto populated from GSTR1 that was declared/ paid in GSTR3B.The limit for payment of liability for both GSTR1 and GSTR3B is 10%. Which means in case of delay in payment the liability percentage will be 10%. To check the comparison post login the taxpayers can select Services-> Returns-> Tax liabilities-> and ITC Comparison-> Select Year (Period).

**Note: Liability percentage is displayed for the periods only after GSTR1 & GSTR3B are filed and GSTR2B is generated.

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