Filing GSTR 3B will be Hassle-Free as GST Network will Compute ITC

Over one crore taxpayers will get benefits of the recent positive changes introduced on the GST Portal. One of the major changes is that now filing of GST monthly returns will be hassle-free from this month, as GSTN or the IT backbone of the Indirect tax system has added two major functionalities.

A total of 17 lakh assessees out of over 1.20 crore assessees opted for Composition Scheme and have to file the GST return on a quarterly basis. The remaining 1.03 crore assessees are required to file Form GSTR 3B Get to know details on GST return 3B form along with the online return filing procedure. Also, we mentioned GSTR-3B due dates, penalty & general queries on a monthly basis, indicating how much tax has actually been paid post-deducting the input tax credit (ITC).

Earlier, there were some issues reported on ITC availability and computation of tax calculations, leading to disputes and tax evasion, but now, the GSTN system will be capable of calculating the liability and ITC availability for the filer itself.

For calculating liability, just after filing the monthly statement of GSTR-1 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 outward supply the system will automatically calculate the break-up as well as liabilities and represent it in PDF format on the taxpayer’s GSTR-3B dashboard.

Hence the data can be used by assessees while filing GSTR-3B from this month i.e. August 2020 after all the modification and arrangements. The included facility will be currently available for the monthly GSTR-1 filing. For the quarterly GSTR-1 filers this facility will be available in the next few months.

Now, the system will auto-draft the ITC statement or ITC statement invoice-wise on the basis of information provided by the suppliers. Essentially this means that now the taxpayer will be aware of how much ITC is available for the month.

The 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 been launched for the same purpose, which, unlike GSTR-2A, it is a static statement and will be available for each month on the 12th day of the succeeding month.

This interconnection of returns is a major hope for GSTN to curb the under-reporting of liabilities as well as over-reporting of ITC, which has been a big issue for the government. The data of these statements will now automatically be fetched in GSTR-3B.