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Forthcoming changes in Goods and Services tax (GST) portal

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Within last six months, the GST portal keeps rolling out new updates to help taxpayers file their returns more smoothly and effectively. Taxpayers need to be up-to-dated in order to avoid missing out on vital compliances, which in turn would prevent notices being issued to them. Below is the gist of updates rolled out for the taxpayers:

Contrasting liability declared and input tax credit claimed
A new functionality is released by the portal which will help tax filers comparing their GSTR-3B tax liabilities with the GSTR-1s that have been filed before. Along with this, users can also make comparison of their input tax credit claimed in the GSTR-3B with the credit available in GSTR-2A. It is useful in reconciling the GST returns filed, as well as preparation of the annual return. The 3 different tabs under which data validation and comparison can be carried out are-

  • Liability other than export/reverse charge
  • Liability due to reverse charge
  • Liability due to export and SEZ (Special economic zone).

Ease in claiming TDS / TCS credits
Now, a taxpayer can accept or reject the credits which can be used for making GST payments, after which they get moved to the cash ledger. This new function helps the taxpayers in identification of the credit available.

Online appeal filing
A taxpayer will file an online appeal in the case of

  • An order passed by an appellate authority
  • An advance ruled by an appellate authority or
  • An application to the appellate authority for rectification of a mistake

A system generated acknowledgment will be issued if the appellate authority results in failure to issue a final acknowledgment with a remark “subject to validation of certified copies” in the stipulated time.

GSTR-9 and 9A for filing annual returns
GSTR-9 is the annual return form for normal taxpayers whereas GSTR- 9A is 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 and file their returns as soon as possible. A guide is available for filing these returns, which users can refer in the case of possible doubts.

Show cause notices responding for compulsory withdrawal
If a show-cause notice has been issued and proceedings have been commenced, there is an option to reply to the same on the portal now. It results in time saving and simplified responses of composition taxpayers.

A GSTIN can be entered while filing a refund application
The inverted duty structure under GST results in a refund application filed by a registered taxpayer for accumulating input tax credit. The portal enables the entry of a taxpayer’s own GSTIN in the inward supply detail statement, while filing the same on the GST portal which was not available previously.

Monthly refund applications for quarter filers
Quarter tax filers do not have to wait for quarterly filing of refund applications as this portal has enabled the monthly filing option of the same. Moreover, in refunding of the application, filer has to ensure that GSTR-1 for the quarter has been filed.

E-way bill data importing to file GSTR-1
The GST Portal integrated with the E-way portal, allows taxpayers the seamless importing of data. Users can now import large invoices sections, as well as the summary of outward supplies section automatically. Taxpayers can verify the data and then proceed, thus saving time and unnecessary data-entry.

Six preferred banks available while making payments
While making GST payments, 6 preferred banks are available with which a user need not to enter his bank details every time but can select the same from a drop down menu. If a payment is made through a 7th account, the least used account will be removed and this bank will be added.

Bank account details at any time after registration
For taxpayers, it is now optional to declare bank account details at the time of registration which can be submitted later. Though if the due date is extended till June31, 2019 for filing the same, taxpayers are advised not to wait till last and file their returns as soon as possible.

Input tax credit can be claimed, and amendment of B2B (Business to business) invoices of FY 2017-18 can be done up till March 2019. Even B2B invoices of the FY 2017-18 can be amended. This would greatly help taxpayers who had made errors in reporting invoices or missed out on claiming input tax credit due to genuine mistakes.

While updates rolling out time-to-time, taxpayers still hope to see a smooth system that is completely online and indefectible. In the near future, users are looking forward for more new updates that would familiarize taxpayers with the new return system. The new portal helps in mobilizing the working capital flows of a business. If you are looking up for assistance in GST registration or changes in your details of core or non-core fields, filing GST returns, GST audits, assessments and other compliances, you may reach our GST experts for any assistance.

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