On Tuesday, GSTN has declared a new facility for GST registered businesses through which comparison can be done between tax liability as filed in their form GSTR- 1 (final sales return) and as declared and paid in their return filed in form GSTR-3B (summary sales return) at a single place.
GSTN, responsible for the management of technical aspect of indirect tax , felt the requirement to furnish a facility through which the tax liability declared as well as input tax credit claimed in their final and summary sales returns forms can be perceived at one platform as GSTR-1 and GSTR-3B are filed independent of each other and GSTR-1 & GSTR-3B for a month is filed by the 11th day & 20th day of the succeeding month respectively.
GSTN, in a statement, said, since GSTR-1 and GSTR-3B are filed independent of each other, a need was felt to provide facility to view liability declared in both the forms at one place.
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The latest facility can be availed by the taxpayer through Returns dashboard on the GST Portal under the headings “Comparison of liability declared and ITC claimed”.
GSTN justified the urge to invent such a platform of evaluation, saying that “This facility will help taxpayers in reconciling their liability and ITC details quickly. They can view the monthly comparison as well as cumulative comparison up to the month, on the GST Portal in the tables provided. This will help them in taking corrective steps,” GSTN CEO Prakash Kumar said.
The recently introduced functionality will ease the comparison between two liabilities for the taxpayer by displaying the dual in one table for each return period as well as the aggregate period which will further assist taxpayers to test the variations among the two forms registered by them on GST portal & adopting the additional measures accordingly.
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Under GST, this functionality is considered significant as the taxpayers must reconcile their tax liability data and ITC every month on a regular basis. The return filing and processing are automated and the GST returns are inter-linked. This facility will make the process of matching and recoiling an effortless activity.
