Latest GST Updates: E-Invoicing, HSN Auto-Population, and GSTR-3B Re-filing Updates.

The common portal for GST, known as GSTN, frequently issues advisories concerning updates and new functions designed to enhance the portal’s capabilities. These updates encompass upgrades to existing functionalities and the introduction of new options for taxpayers to implement.

During March-April 2024, GSTN issued several advisories to upgrade functionalities and enable new options or functions for taxpayers’ implementation.

Here’s a summary of the recent updates

Self-Enablement for E-Invoicing
Auto-Population of HSN Summary in GSTR-1
Advisory on Reset & Re-filing of GSTR-3
Suspension of Scroll for IGST, RoDTEP, RoSCTL, and Drawback

GST Update for Self-Enablement for E-Invoicing

As FY 2023-2024 draws to a close, taxpayers with turnover exceeding INR 5 crores about the mandatory e-Invoicing requirement starting on April 1st, 2024. This advisory seeks to assist taxpayers in self-enabling for e-Invoicing, ensuring smooth adherence to the updated regulations.

Here are the key takeaways from the update

GSTN issued an advisory on self-enablement for e-invoicing.
Taxpayers with turnover exceeding INR 5 crores in FY 2023-2024 must start e-invoicing from 1st April 2024.
Taxpayers meeting the criteria but not yet enabled can self-enable for E-Invoicing via specific portals provided in the advisory.
Additionally, taxpayers can report E-Invoices through NIC IRP 1 & 2. They can self-enable for these portals through the links provided. This allows over-all coverage and compliance with E-Invoicing regulations.

GST Update for Auto-Population of HSN Summary in GSTR-1

The GSTN has introduced a new feature aimed at simplifying GSTR-1 reporting for businesses by streamlining the HSN Summary.

Here are the crucial pointers:

GSTN enabled auto-population of HSN-wise summary of outward supplies in GSTR-1.
Taxpayers can import HSN data from e-invoices generated, saving time for HSN entry for all invoices auto-populated in GSTR1.
However, taxpayers are advised to conduct thorough reconciliation with their records before submitting the final version to ensure maximum accuracy.
Introducing the auto-population feature for HSN-wise summary data from e-Invoices into Table 12 of the GSTR-1 signifies a notable advancement in simplifying tax compliance and boosting reporting accuracy for businesses.

GST Update for Advisory on Reset & Re-filing of GSTR-3B

The GSTN has issued advisory informing taxpayers about the facility for re-filing GSTR-3B for some taxpayers. This facility was introduced as discrepancies were noticed in the returns of some taxpayers during the filing process between the saved data in the GST system and the actually filed data in the fields of ITC availment and payment of tax liabilities.

The advisory highlighted

GSTN issued an advisory on resetting and re-filing of GSTR-3B for some taxpayers.
Discrepancies were noted between saved data and filed data, specifically in ITC availment and tax liabilities.
Affected taxpayers received communication to re-file within 15 days, with assistance available from jurisdictional tax officers or via GST grievance redressal portal.

GST Update for Suspension of Scroll for IGST, RoDTEP, RoSCTL, and Drawback

On March 19, 2024, the Central Board of Indirect Taxes & Customs (CBIC) issued Advisory No: 07/2024, temporarily suspending scrolls for IGST refund, RoDTEP, RoSCTL, and Drawback.

Here are the advisory details:

The Directorate General of Systems and Data Management in consultation with the Pr. CCA CBIC, temporarily suspended the scroll for IGST refund from 21.03.2024 to 31.03.2024 and for RoDTEP, RoSCTL, and Drawback from 25.03.2024 to 31.03.2024.
Taxpayers should generate pending scrolls before the mentioned dates.
Contact information for officers and traders encountering difficulties or issues related to the suspension is also provided.
Exporters awaiting refunds and incentives under various schemes may be impacted by this temporary suspension.
Delays in processing refunds and potential effects on cash flows for exporters could result from this suspension.
The advisory is intended to streamline processes and tackle any operational challenges faced by field formations.

Besides these, GSTN further updated on:

Extension of Due date of GSTR-1 for the period March 24.
Introduction of New 14A and 15A tables in GSTR 1.
GSTN’s proactive advisories aim to enhance taxpayer compliance and streamline GST processes. The recent updates on e-invoicing, HSN auto-population, and GSTR-3B re-filing demonstrate efforts to improve efficiency.