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Thursday, March 14, 2019

Biz can evaluate tax liability declared in final, summary GST returns forms


The GSTN, which handles the generation backbone for the brand new indirect tax, has provided a facility to the taxpayers to view and download a record on tax legal responsibility as declared in their form GSTR- 1 (final sales return) and as declared and paid in their return filed in form GSTR-3B (summary sales return).

Even as GSTR-1 for a month is filed via the eleventh day of the succeeding month, GSTR-3B is filed and taxes paid by means of the 20 th day of the succeeding month.

GSTN, in a assertion stated, on the grounds that GSTR-1 and GSTR-3B are filed unbiased of every different, a need became felt to provide facility to view liability declared in both the forms at one location.

The new facility permits the taxpayers to view those two liabilities in one table for each go back duration at one region, which may be compared. this could allow taxpayers to make top of any variations between the 2 forms filed via them on GST portal, GSTN said.

In addition, the GSTN has additionally supplied taxpayers data regarding information of input tax credit (ITC) as claimed of their form GSTR 3B and as collected in form GST network Tuesday said corporations registered underneath GST can now examine the tax legal responsibility declared in addition to input tax credit score claimed of their very last and summary income returns bureaucracy.

This capability has been supplied in Returns dashboard on the GST Portal to taxpayers below the 
headings "evaluation of legal responsibility declared and ITC claimed".

"This facility will help taxpayers in reconciling their legal responsibility and ITC info speedy. they can view the monthly assessment in addition to cumulative comparison as much as the month, at the GST Portal in the tables furnished. this will help them in taking corrective steps," GSTN CEO Prakash Kumar said

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