Crucial Updates on GSTR-3B Deadlines

The GST department has recently clarified the calculation of interest on late filings. It's now explicitly stated that interest will be applicable on the net cash liability rather than the gross liability, provided the return is filed before a notice is issued. This brings much-needed relief to taxpayers who might have accumulated ITC but were late in filing. However, the 18% interest rate remains a heavy burden for those with net cash liabilities.