By Archit Gupta
There have been several new updates on the GST portal over the last six months. The GST portal keeps rolling out new updates to help taxpayers file their returns more smoothly and effectively. Taxpayers need to stay up-to-date to avoid missing out on vital compliances, which in turn would prevent notices being issued to them.
Here are some of the major updates that we have come across:
Comparison of liability declared and input tax credit claimed
A new functionality released by the portal now helps tax filers in comparing their GSTR-3B tax liabilities with the GSTR-1s that have been filed. Likewise, users can also compare their input tax credit claimed in the GSTR-3B with the credit available in GSTR-2A. There are also 4 different tabs under which data validation and comparison can be carried out-
- Liability other than export/reverse charge
- Liability due to reverse charge
- Liability due to export and SEZ
- supplies
- ITC credit claimed and due
This is a very useful functionality that will help in reconciling the GST returns filed, as well as in the preparation of the annual return. The data is available for both financial years, 2017-18 and 2018-19.
GSTR-9 and GSTR-9A enabled for filing annual returns
GSTR-9, the annual return form for normal taxpayers, and GSTR-9A, the annual return form for composition taxpayers have been recently enabled on the portal. Even though the due date has been extended till June 31, 2019 for filing the same, taxpayers are encouraged not to wait till the last moment, but file their returns as soon as possible. A guide for filing these returns is also available, which users can refer in the case of possible doubts.
Filing of Appeals can be done online
A taxpayer can now file an appeal online in the case of
- an order passed by an appellate authority
- an advanced ruling by an appellate authority OR
- an application to the appellate authority in the case of rectification of a mistake in an order.
A system generated acknowledgement will be issued if the appellate authority fails to issue a final acknowledgement within the stipulated time. The system generated acknowledgement will bear the remark “subject to validation of certified copies”.
A taxpayer’s GSTIN can be entered while filing a refund application
Due to the inverted duty structure under GST, a refund application can be filed by a registered taxpayer for accumulated input tax credit. The portal has enabled the entry of a taxpayer’s own GSTIN in the inward supply detail statement, while filing the same on the GST portal. This option wasn’t previously previously available.
Quarterly-filers can file refund applications monthly
Tax filers who file their returns quarterly now do not have to wait for the quarterly filing of refund applications too. The portal has enabled the monthly filing option of the same. However, in order to file the refund application, a user has to ensure that the GSTR-1 for the quarter has been filed. Businesses, especially SMEs, can mobilize their cash flows as they do not need to wait the end of the quarter to apply for a refund.
New window enabled for claiming TDS/TCS credits
The GST portal has enabled a new window for claiming TDS/TCS credits while filing GST returns. A taxpayer can accept or reject these credits, after which they get moved to the cash ledger. These credits can then be used for making GST payments. This function helps the taxpayers in identifying the credits available, and taking the required action.
Responding to show-cause notices for compulsory withdrawal
There is an easy way for Composition taxpayers to reply to show-cause notices that have been issued for compulsory withdrawal from the composition scheme. If a show-cause notice has been issued and if proceedings have been initiated, there is now the option to reply to the same on the portal. This saves time and has simplified responses for composition taxpayers.
Bank account details can be given any time after registration
For Normal, OIDAR and NRTP taxpayers, it is now optional to declare bank account details at the time of registration, and the same can be submitted later. Earlier, it was mandatory to submit these details at the time of registration, however, the same can now be given when logging in for the first time. Hence, for new business, this is particularly useful as a GST registration number can be obtained without the hassle of needing to open a bank first.
Input tax credit can be claimed, and amendment of B2B invoices of FY 2017-18 can be done up till March 2019
Taxpayers can claim any input tax credit that was omitted to be claimed as of September 2018, as the portal has reopened the option. Even B2B invoices of the FY 2017-18 can be amended. Both facilities are available up till March 31, 2019. This would greatly help taxpayers who had made errors in reporting invoices or missed out on claiming input tax credit due to mistakes.
6 preferred banks are now available while making payments
While making GST payments, six preferred banks will now be available to a taxpayer to choose from. With this function on the portal, a user does not need to enter his bank details every time and can select the same from a drop-down menu. If a payment is made through a seventh bank account, then that bank account gets added, and the least used account gets removed.
Import E-way bill data to file GSTR-1
The GST Portal has been integrated with the E-way bill (EWB) portal, allowing taxpayers the seamless importing of data. Users can now import the B2B and B2C (large) invoices sections, as well as the HSN-wise-summary of outward supplies section automatically. Taxpayers can verify the data and then proceed, thus saving time and unnecessary data-entry.
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