The GST portal has been updating new information regarding the reforms in order to help the taxpayers to file their returns more effectively and smoothly. In the last six months, the portal has been providing new updates.
It is very important for the taxpayers to stay up to date with the latest information and avoid missing out on important elements and compliances. This will help them in filing their returns and prevent any notices being issued to them.
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Here are a number of the key updates that we have come across:
Comparison of liability declared and input tax credit claimed
Now the taxpayers can compare their GSTR-3B tax liabilities against the GSTR-1s that were filed with the help of a new function released by the portal. Additionally, it is now possible to compare the input tax credit claimed in the GSTR-3B against the credit available in GSTR-2A.To provide additional benefit to the taxpayers four different tabs have been introduced under which comparison and validation can be done-
- Liability instead of export/reverse charge
- Liability because of reverse charge
- Liability because of export and SEZ supplies
- ITC credit claimed and outstanding
This is a very beneficial feature that will assist in the reconciliation of the GST returns filed, as well and in the groundwork of the annual return. The data is accessible for the financial years, 2017-18 as well as 2018-19.
GSTR-9 and GSTR-9A available for filing annual returns
GSTR-9 which is the annual return form for normal taxpayers, and the GSTR-9A, which is the annual return form for composition taxpayers are now available on the portal. The due date for filing these forms has been extended to June 31, 2019. This will help the taxpayers in filing their returns well in time. Also, a guide to help in filing these returns is available, which can be referred to in case of any possible doubts.
Filing of Appeals- Now available online
It is possible for a taxpayer to now file an online appeal online in the following cases-
- In case an order is approved by an appellate authority
- In case of a higher ruling by an appellate authority
- In case of an application to the appellate authority asking for rectification of an error in the order.
An acknowledgment will be generated by the system in case if the appellate authority is unable to send forward a final acknowledgment within the given time. This system generated acknowledgment will have the following remark - “subject to validation of certified copies”.
While filing a refund application, the taxpayer’s GSTIN can be entered now
A registered taxpayer can file a refund application for an accumulated input tax credit due to the inverted duty structure under GST. Now a taxpayer can enter their own GSTIN in the inward supply detail declaration, whilst filing the same on the portal. This is a newly introduced option.
Quarterly-filers can file refund applications monthly
The portal has now updated a monthly filing option for those willing to file their returns on a monthly basis instead of filing them quarterly. But if a taxpayer is willing to file the refund application, it is important that the GSTR-1 for the quarter is already filed. Small and Medium Businesses can organize their cash flows as one has to not wait until the quarter end to apply for a refund.
New window available for claiming TDS/TCS credits
Now a new window has been enabled on the GST portal to help the taxpayers claim TDS/TCS credits whilst filing GST returns. A taxpayer may reject or accept these credits, post which they are moved to the cash ledger. These credits are useful in making GST payments. This feature enables the taxpayers in keeping a clear insight into the available credits and taking the required measures.
Responding to show-cause notices in case of compulsory withdrawal
A taxpayer can now reply on the portal in case a show cause notice has been issued for mandatory withdrawal There from the composition scheme. This makes it easier for the Composition taxpayers to respond to show-cause notices and if proceedings have been initiated. This is a time-saving tool for taxpayers.
Bank account details can be given any time after registration
In case of Normal, NRTP and OIDAR taxpayers, it has now become optional to provide bank account details during registration. The bank details can be submitted later. This will help the new businesses to get their GST registration number without the necessity of opening a bank account first.
One can claim the Input tax credit and amendment of B2B invoices for FY 2017-18 up till March 2019
6 preferred banks available while making payments
Six preferred banks are now available to choose from while making GST payments. Therefore, a user does not need to enter bank details every time. In case if a payment is made using a seventh bank account, then that account gets added, while the least used account is deleted.
Import E-way bill data in order to file GSTR-1
Now the taxpayers can seamlessly import data as now the GST Portal is integrated with the E-way bill (EWB) portal. Users can import the B2B and B2C invoices sections.