Everything You Must Know About the Latest Updates on the GST Portal

Recent updates to the functionality of the Goods and Services Tax Portal, sometimes known as the GST Portal, include the introduction of certain new features. Among them are modifications to forms, access to data, and so on. The following is a rundown of all of the most recent changes that have been made to the GST registration.

Data from 2017 can now be accessed by taxpayers

The fact that taxpayers have suddenly been unable to view and download data of July 2017 returns from the GST site has caused a great deal of anxiety in recent days. The GST network published the following statement in response to taxpayers sending concerns to the GSTN: “Facility to view, file, and download returns of the period July 2017 has been restored on the site.” In light of ROD order No.01/2020, the feature to allow taxpayers to file revocation petitions anew has been introduced as of the 6th of August, 2020.

New features on GSTR-9 returns form

In a step that would provide a great deal of comfort to taxpayers, it has been decided to make it possible for them to download information of invoices that have been included in the yearly return form known as GSTR-9. Previously, the only data that was included in Table 8A under GSTR9 were financial numbers. Since of this, it became nearly difficult to use as data when a taxpayer wanted to make a reconciliation claim because they were unable to give a split up of the invoices. This made it practically hard to utilize as data.

When completing their yearly returns for the fiscal year 2017-2018, individuals and tax experts alike reported experiencing difficulties due to the same issue. However, this is now fixed, and taxpayers have the ability to see and download an invoice-by-invoice breakdown of their input tax credit via the Table 8A section of the tax code.

GSTR-1 and GSTR-3B to be linked to determine input tax credit and liability

A further measure that the GSTN is taking to combat fraudulent claims for input tax credit made using bogus invoices is the implementation of an invoice matching system that will be incorporated in to the GSTN. This system will determine both input tax credit and responsibility.

Taxpayers are required to submit the GSTR-1 for outward supplies, the GSTR-3B, a summary return for sales and input tax credit, and the GSTR-2A, which is a purchase-related tax return, under the existing system. These three returns are referred to together as the GSTR. The GSTR-2A form is one of the several documents that are produced by the GST site in an automated fashion. Therefore, the information is immediately gathered in the GSTR-2A form whenever a seller uploads their GSTR-1 form.

But since GSTR-1 and GSTR-3B are not connected, taxpayers are able to report various values, which means taxpayers may make errors or even provide fake invoice data. This is because taxpayers are allowed to report different values. This will now be accurate, and the two return forms will now be linked, providing taxpayers with a system-generated functionality for auto-populating values from GSTR 1 and GSTR 3B. It is anticipated that this new initiative will auto-populate returns, thereby reducing the likelihood of errors, making it easier to reconcile accounts, and making it more straightforward to comply with regulations.

In the meanwhile, the load handling capacity of the GST Portal has also been increased, going from being able to handle 150,000 taxpayers to now being able to handle 300,000 taxpayers at one point in time. This was done to assist minimize difficulties during peak hours of return filing. Discover more Forex Trading.

GSTR-2B to be introduced for claiming ITC 

The introduction of the GSTR-2B form, which will be used to claim input tax credit, is yet another step that will soon be put into effect in order to reduce the number of false ITC applications. In its current form, the claim for an input tax credit is made on the basis of a self-declaration, which often results in a mismatch and, eventually, increased reconciliation instances. In the new method, GSTR-2B will be prepared on the basis of GSTR-1 that is submitted by counter-party suppliers between two due dates, for the purpose of obtaining credit in GSTR-3B in a month. This credit may then be claimed.

A number of efforts relating to indirect taxes have been postponed, abandoned, or modified, mostly as a result of the epidemic. On the other hand, it is anticipated that the GSTN would make a powerful return with new programmers to facilitate tax compliance while simultaneously preventing tax fraud from getting out of hand.