GST Portal got two New Features to Make GST Filing Easier

Common taxpayers will experience a whole new level of ease this month while filing monthly GST returns. The GST Network ( GSTN ) now has some important features on the portal related to link returns, these features are aimed to simplify the filing process of GSTR-3B Get to know details on GST return 3B form along with the online procedure for filing return of the current FY 2018-19. We break down the form for easy understanding.

Solutions of 2 Major Problems

There are two major problems taxpayers usually face while furnishing GSTR-3B, these are related to their liability and input tax credit (ITC) A complete guide for understanding the basics of input tax credit and it calculation with detailed examples under GST (Goods and Services Tax) India. Till now, taxpayers were spending a lot of time calculating both these figures. But from now the system will automatically complete both with two important functionalities recently added to it.

System to calculate the liability for GSTR-3B filing

The outward supply statement will first calculate the lability with system break-up instantly after filing the monthly GSTR-1 and it will also make it available in PDF Format on the taxpayer’s GSTR-3B dashboard. After cross-checking the available data, it can be used for filing GSTR-3B in August 2020 and afterward. Currently, it is only available for those filing monthly GSTR-1. But soon in the upcoming month, it will be available for those filing GSTR-1 quarterly The complete guide for online filing GSTR 1 form in a very easy and step by step manner. We have explained its part 1 to part 13 with the original form screenshots.

Auto-drafted Input Tax Credit Statement

Now the system will auto-generate the ITC statement with an invoice break-up on the basis of the details provided by the taxpayer’s supplier. With this facility now the taxpayer will be aware of the ITC available for the month. For the same purpose, a new Form GSTR-2B Check out the main features of the new GSTR 2B form under the current GST return filing system. The taxpayers will file GSTR 2B from 1st October 2020. read more has also been launched. The new form seems different from the GSTR-2A statement, as 2B is a static document. It will be available on the 12th day of the next month for each month.

Under-reporting of Liability and Over Reporting of ITC

With the interlinking of returns, GSTN is expecting to curb the Under Reporting of Liability and Over reporting of ITC. This has been a major issue of concern for both governments and now they think that these new functions can help them to solve these issues. Once taxpayers start using these two statements, the data from these will automatically start being transferred to GSTR-3B. In other words, GSTN will auto-populate the taxpayer’s GSTR-3B returns by fetching data from other statements