Advisory Services
Audit
Consulting
ESG Advisory
RBI Registration
SEBI Registration
IRDA Registration
FEMA Advisory
Compliances
IBC Services
VCFO Services
Growing
Developing
ME-1
ME-2
EU-1
EU-2
SE
Others
Select Your Location
The Goods and Services Tax Network (GSTN) has come out with a number of updates on GST portal at the time of filing of GST returns. These GST portal updates have been summarised below:
Table of Contents
Addition of a new statement for the regular taxpayers
One of the GST portal updates include introduction of a new statement on the GST portal which has been brought for the regular taxpayers. Now the GST portal displays that tax liability in GSTR-1/IFF, GSTR-2B/2A and the tax paid under GSTR-3B.
The tax paid in this newly introduced month-wise statement also includes DRC-03 payment. This statement shows the amount of excess or shortfall in the tax payment after considering the payment through DRC-03. This statement made available by GST portal updates is also a reflection of the breakup of types of taxes such as CGST, IGST, SGST and cess.
This payment also reflects the percentage of tax liability paid by the taxpayer. If the statement indicates below 100 percent, then it means that some portion of the tax liability has not been paid by the taxpayer and similarly if the statement reflects above 100 percent, then it means that the taxpayer has made an excessive payment of taxes more than what was required to be paid.
This statement also offers and option to the taxpayers to pay taxes in case of any shortfall as per the statement.
Upgradation of search facilities using GSTIN/UIN
The new GST portal updates have made it possible for the GST buyers to gain access to additional details while searching for a GST Identification Number (GSTIN) using the facility on the GST portal[1]. Now the buyers can not only gain access to the active status of the GSTIN and return filing status but also know whether there exists any shortfall in the payment of tax dues.
The latest GST portal updates summarise the percentage of liability of liability to be paid in the GSTR-3b compared to GSTR-1. This allows the GST registered purchasers to search GSTIN of any supplier and know whether the supplier has paid his taxes under GSTR-3B compared to the liability imposed in GSTR-2 in percentage terms.
The budget of 2022 has also made amendments in section 38 of CGST Act by adding certain restrictions on the Input tax Credit (ITC) claims. The new conditions for availing ITC mandate that the vendor must have paid all the taxes due to the government on which the buyer is claiming ITC.
Before the current GST portal updates, there was no facility available for the buyers where they could verify whether a supplier has paid his taxes. The amendments made in the GST portal updates regarding improved search of GSTIN facility will include additional information for the validation by buyers.
New feature for cancellation of GST Registration
The GST portal updates has added a new feature where cancellation of GST registration can take place if the extent of ITC to be claimed in GSTR 3-B is more than 10% compared to GSTR-2B of that period. It must be noted that GSTR-1 has been put on an auto-pilot mode on the basis of entries made in GSTR-1 filed.
The auto-piloted GST portal can automatically identity a variance of more than 10% and suspend the registration consequently. The difference can also be detected in the liability which has been reported in GSTR-3B when compared to GSTR-1.
Due the above mentioned GST Portal updates, taxpayers must always be careful while filing their GSTR-3B and keep an eye on discrepancies in GSTR-1 and GSTR-2B. Filing of GSTR-1 and GSTR-3B must be carefully examined before filing GSTR-2B before filing of GSTR-3B in order to avoid any possibility of cancellation of registration.
Access to the information of GST officers
The new GST portal updates allow access to the email addresses and mobile numbers of the State and Central GST officers.
A taxpayer has two options to get hold of the information related to the State and Central GST officers. one option is to select the ‘Services’ tab, then select the ‘ledger’ option and then get into the negative liability statement. In the second option, after selecting the ‘Services’ tab, select ‘User services’ and then click on ‘contacts’.
Facility of accessing Interest calculator while filing GSTR-3B
The GST portal updates also include the facility of the interest calculator which has the feature of automatically computing interest liability of the taxpayer before the filing of GSTR-3B. This feature of interest calculator is available on the GSTR-3B window. It must also be noted that the calculation of the interest liability in this case would amount to self-assessment since the taxpayer has the option of editing the automatically computed figures later on.
The taxpayers will also be able to check the interest liability under various tax heads. The interest calculator will also be able to calculate interest on late payment on the tax liabilities of the previous tax periods which has been declared in the current GSTR-3B.
The GST portal updates have been brought with the purpose of bringing ease of filing and increasing access and transparency. These range from introducing a new statement indicating shortfall or excess in the tax payment, accessing additional details using GSTIN on GST portal, cancellation of registration, access to the contact information of the state and central GST officers and automatic interest calculator.
Read our Article:Government Aims to Impose 18% GST on Bitcoin Trading
Prabhat has done his BA LLB (Hons) and has been writing research papers since his law school days. His interest in content writing made him pursue a career in legal research and content writing. His core areas of interest are indirect taxes, finance and real estate.
In the recent past, India has seen burgeoning demand for internet and smartphones. The rapid ri...
The Securities and Exchange Board of India (SEBI), the capital markets regulator, has recommend...
The objective of the enactment of the Prevention of Money-laundering Act, 2002, i.e. PMLA (the...
Tax planning is a continuing effort and a management strategy for ensuring the minimization of...
On 18th May 2023, the Securities Exchange Board of India (SEBI) released a Consultation Paper o...
Infrastructure and real estate have been regarded as India's "sunshine sector" since the turn o...
On 22nd May 2023, the Central Board of Direct Taxes (CBDT)[1] issued a new circular under secti...
Anyone can have different sources of income. With globalization and the opening up of economies...
The Reserve Bank of India (RBI) is crucial in regulating NBFC, including branch openings and cl...
In India, Non-Banking Financial Companies are subject to certain restrictions from taking publi...
Are you human?: 1 + 3 =
Easy Payment Options Available No Spam. No Sharing. 100% Confidentiality
The 39th GST (Goods and Service Tax) Council meeting was held on this Saturday, i.e. 14th March 2020 at the Vigyan...
17 Mar, 2020
GST registration is mandatory for entities with annual turnover of more than 40 lakh rupees. This threshold limit m...
15 Jul, 2021
Red Herring Top 100 Asia enlists outstanding entrepreneurs and promising companies. It selects the award winners from approximately 2000 privately financed companies each year in the Asia. Since 1996, Red Herring has kept tabs on these up-and-comers. Red Herring editors were among the first to recognize that companies such as Google, Facebook, Kakao, Alibaba, Twitter, Rakuten, Salesforce.com, Xiaomi and YouTube would change the way we live and work.
Researchers have found out that organization using new technologies in their accounting and tax have better productivity as compared to those using the traditional methods. Complying with the recent technological trends in the accounting industry, Enterslice was formed to focus on the emerging start up companies and bring innovation in their traditional Chartered Accountants & Legal profession services, disrupt traditional Chartered Accountants practice mechanism & Lawyers.
Stay updated with all the latest legal updates. Just enter your email address and subscribe for free!
Chat on Whatsapp
Hey I'm Suman. Let's Talk!