Goods and Services Tax is no doubt, a great economic move, and intelligent tax reform in the history of India. It has led the country much ahead of numerous others. The GST authority implements different arrangements for time to time so as to address the problems of traders and merchants having GST registration. Moreover, it frequently upgrades the Common portal (i.e. GST portal) so as to address technical glitches that pose interruption in imperative processes like GST return filing procedure.
Very recently, the GST authority has now made 8 key changes in the GST portal. These changes have been done to get rid of difficulty in different processes, for example, GST return filing, E-waybill generation, Input Tax Credit and refund application.
Along these lines, let us have a glance at them.
#1. Quarterly GST Return filers can file month to month applications for Refund.
- Let us begin with happy news for Indian taxpayers!
- Those having GST registration, and now deciding on GST payment on quarterly premise need not hang tight for the quarterly application for GST refund.
- Right now, they can file the GST refund application on a month to month basis. This will surely save time.
- Moreover, this will help to circulate the working capital stream in a business; similarly as the taxpayer need not hang tight till the quarter-end for a refund.
- However, such taxpayers would need to necessarily file their quarterly GSTR-1 return for filing their refund application. This will enhance the compliance level.
#2. The taxpayer would now be able to utilize TDS/TCS Credit.
Great news! Now, a new window has been opened on the basic GST portal to guarantee TDS/TCS credits under GST.
- The taxpayers who have GST registration as tax deductors or tax collectors as per sections 51 and 52 of CGST Act 2017, can now easily accept or refuse the TDS/TCS input tax credit while GST return filing.
- Thereafter their TDS/TCS credits will be carried forward to electronic money ledger. Hence, they can be used for further GST liabilities.
#3. Taxpayers can import information from E-way bill for GST Return filing.
Another great surprise!! E-way bill portal and the GST portal have been synched together.
- This just means taxpayers can now be able to import their information from for their E-way bill, for example, the B2B and B2C (large) invoices just as the HSN-wise outline of the outward supplies, and use them to file GSTR-1.
- This will really save time and effort and will stay away from repetitive information entry.
#4. Bank account details now not necessary for GST registration.
Very notable, presently there is no necessity to provide the bank account details at the time of GST registration.
- This is likewise applicable for NRTP (non-resident taxpayers) also who want a GST registration.
- Earlier, entering bank account details was a mandatory requirement for GST registration.
- However, the bank account details can be later updated, that is amid the first login to GST portal.
- This will save the time of the new businesses who are opening their bank accounts. They can now simultaneously proceed with GST registration. The GST registration certificate will be obtained without the bank details.
#5. Composition taxpayers can be able to send an answer to Show Cause Notice for withdrawal.
Those taxpayers having GST registration under composition scheme, and are going for necessary relocation from the composition scheme, can now basically reply to indicate cause notices (SCN).
In case of proceedings against a taxpayer having GST registration in composition scheme, such taxpayer can now easily reply to SCN on GST portal.
#6. 2017-18 GSTR-1 can be amended till March 2019.
The alternative of amendment of GSTR-1 details for FY 2017-18 was closed after the September 2018 GST return filing due date.
- Presently, this office has been reopened while filing GSTR-1 returns for the long periods of January to March 2019.
- Besides, the Input tax credit of FY 2017-18 unclaimed till September 2018, would now be able to be claimed till March 2019.
- This is a remedy for those taxpayers who made errors in any past GST invoice previously or missed out any information credit. They would now be able to guarantee them while GST return filing.
- Presently, the B2B invoices of FY 2017-18 can likewise be amended.
#7. You can file Appeals online now.
A taxpayer would now be able to file an appeal against an order by an appellate specialist, or against GST advanced controlling on the regular portal.
- He can likewise file an application for rectification of an error in an order passed with the appellate specialist.
- On the off chance that the appellate specialist neglects to timely issue a last acknowledgment, it will issue a system generated last acknowledgment. This will demonstrate the remark-“subject to the approval of certified copies”.
- This will disentangle the process of filing appeals and will help in following their status.
- Hence, GST portal has now become even more user-friendly for the taxpayers.
#9. A taxpayer can now choose from a wide List of ideal banks available for settling the payments.
Another booming feature on the GST portal is that the taxpayer can now choose from a list of 6 preferable net banking options.
- All these banks will be auto saved during the time when you are about to make payments after the GST return filing procedure.
- Now, if the tax assesses wants to make the payment using an additional 7th bank account, the details of that bank account will also be added automatically.
- Now, you can remove the least frequently used bank account automatically. Hence, the person has the option to delete the additional bank account at any point in time. The idea is that he can handle at most 6 bank accounts only.
- With this feature in place, the taxpayer needs not to enter all the bank details every time he has to make payment. He can now just select one bank with a single click of a mouse button and then proceed towards the payment gateway.