Many new features were updated in the initial few months of year on the GST Portal to help taxpayers while transacting through GSTN for return filing or for reconciliation between two returns etc. So it is important for taxpayer to have up-to date knowledge of “what’s new” on GSTN Portal.
Updates on GST Portal
1. Comparison of liability declared and input tax credit claimed
It is a very useful functionality that will help in reconciling the GST returns filed, as well as in the preparation of the annual return. It helps taxpayer in comparing their GSTR-3B tax liabilities with the GSTR-1 that have been filed. Here taxpayer can also compare their input tax credit claimed in the GSTR-3B with the credit available in GSTR-2A.
On GST Portal, this feature is available on Return Dashboard with tab “Comparison of liability declared and input tax credit claimed”
IRIS Sapphire, an end to end GST solution, provides the same facility i.e. MIS Report on comparison between GSTR 1 and GSTR 3B for Tax Liabilities and GSTR 3B and GSTR 2A for ITC Claim. Additionally, you also get “GSTR 3B Auto-computed details” based on GSTR 1 and GSTR 2 uploaded data. This auto computation reduces taxpayer’s GST reconciliation work between two returns. Read here to know which data gets auto-computed from GSTR 1 and from GSTR 2.
2. TDS and TCS Credit received
Auto-population of TDS and TCS credit received from counterparties who filed their GSTR 7 and GSTR 8 in GSTR 2X form named as “TDS and TCS credit received” on GST Portal has been introduced. Now here taxpayer can take accept or reject action on such TDS and TCS received. On accepting TDS and TCS credit will get credited to Cash ledger of taxpayer. And then taxpayer can use this credit while setting off his liabilities.
On GST Portal, this facility is available under “Services” ->” Returns”-> “TDS and TCS Credit received”
IRIS Sapphire does the same for you. The GSTR 2X gets auto-populated on the portal from where you can take actions on TDS and TCS credit received.
3. File GSTR 9 and GSTR 4
Facility to file annual return by normal taxpayers in Form GSTR 9 and by composition dealer in Form GSTR 4 is available on GST Portal.
This facility is available under “Services” ->” Returns”-> “Annual Return”
IRIS Sapphire provides you auto-computed details of GSTR 9 and lets you save the same on GSTN portal. Additionally also get download of files based on which auto-population is derived. This will ease your review process.
Even if you have not filed GSTR 1 and GSTR 3B by using IRIS Sapphire platform still you will be able to get auto-computed details for GSTR 9 and you will be able to save GSTR 9 details to GSTN portal through IRIS Sapphire. We have compiled a complete guidance on preparing GSTR 9, read here for more details:
4. Monthly Refund applications by Quarterly GSTR-1 filer
GSTN has now removed the restriction for applying refund on quarterly basis for Quarterly GSTR 1 filers. So now Quarterly GSTR 1 filers can apply for refund on monthly basis.
5. 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.
6. Auto approval of Appeals filed by Taxpayer or Tax Department
Application for appeal has to be submitted by the Appellant (Tax payer or Tax Department) to the First Appellate Authority. The Appellant also needs to submit certified copies within 7 days from the date of application or within the time limit allowed. The Appellate Authority may either admit the appeal by issuing the final acknowledgement or reject the application.
In case Appellate Authority fails to issue final acknowledgement to the appellant within the stipulated time, then a system generated final acknowledgement will now be issued to the appellant with a remark “subject to validation of certified copies”
7. Online Response to show-cause notices for compulsory withdrawal
If a show-cause notice issued to composite taxpayer for compulsory withdrawal from composition scheme and if proceedings for such notice have been initiated then such taxpayer is now have an option to reply to the same on the portal. This saves time and has simplified responses for composition taxpayers.
8. List of Preferred Banks list while making Payment
Every time a taxpayer makes GST payments using a Bank, it will be updated in the Preferred Banks list. Up to 6 Preferred Banks will be shown to a taxpayer while making E-Payment on GST Portal.
9. Revocation of cancellation of Registration
Facility for applying for revocation of suo-moto cancellation of registration for the persons registered as OIDAR /TDS/TCS/ NRTP (Non Resident Taxable Person) category has been enabled on GST Portal.
10. Bank account details can be given at 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 account first.
11. Import E-way bill data to GSTR 1
At the time of generating E-way bill for outward supply, taxpayers enter the details of outward supplies such as invoice number, date, quantity, value, Tax, HSN code and Consignee GSTIN etc. Taxpayers can now easily import these details of outward supply invoices, as indicated in the eway bill, at the time of preparation of Form GSTR-1, by clicking the “import EWB Data” button, on the GST portal.
This import data facility is available for sections like
- 4A, 4B, 4C, 6B, 6C i.e. B2B invoices
- 5A and 5B for B2CL invoices
- HSN Summary of outward supplies
IRIS GST is official GST Suvidha Provider (GSP) in India, offering premium GST compliance tools like IRIS Sapphire(GST Returns) and IRIS Topaz (Eway Bill). With features such as Advance Reconciliation, Smart Reports, Fuzzy Logic, Vendor Management, Smart Dashboard, User Roles, etc. IRIS GST ensures you a hassle-free GST compliance. Please contact support@irisgst.com for more details.
