The official Government website for GST (1), Goods and Service Tax Network (GSTN), has introduced new functionalities which have been brought into effect from 1st April 2018. These features have been introduced to simplify the GST process for taxpayers.
Let us understand the newly added features that will be made available to you from the first day of the financial year.
Filing Form GSTR-3B has now been made easier for you and more user-friendly for a smooth return filing experience.
These features are explained below:
- You can now see the details of balances at one place that are available in credit ledgers and cash ledgers while proceeding to the payment.
- The tax liabilities and credits that are declared in the GSTR-3B gets updated in the ledgers automatically. These liabilities are reflected in payment section under the ‘Tax Payable’ column. You can also see the amount while hovering on the headings of the credit in the same section.
- The ‘Tax to be paid through ITC’ field is auto-populated by the GST System with utilizing the amounts in accordance to the provisions of the Law. However, it is only a suggestive data and you can edit the input tax credit utilization. In case the tax credit utilization is changed, the cash that you are required to pay also changes accordingly.
- If the available cash balance in the electronic cash ledger is insufficient to set off the liabilities, you are required to pay additional cash, which will be displayed in the last column of the table named ‘Additional Cash Required’. You can create a challan for the amount displayed by clicking on the ‘Create Challan’, and once you have made the payment online, the system will redirect you to the payments table. This feature is implemented to reduce the mistakes of tax payment made under the wrong tax head.
- You can now click on the ‘Make Payment/ Post Credit or Ledger’ button if you want to pay off the tax liabilities or if you want to claim the credit if you have no tax liabilities.
- You will come across FAQs and User Manual that are provided along with the pop-ups while you file the GSTR-3B form in relevant pages.
- You do not have to fill CGST And UGST or SGST separately now. Filing any one of the taxes will automatically fill other tax fields.
- You can click on the ‘Preview Draft GSTR-3B’ anytime to preview or to download the GSTR-3B Form to verify the details that you have saved in any table. You can also download the draft summary page of your GSTR-3B form by clicking on the specific button. This feature is introduced so that you can first review all entries that you have made in each section before you proceed with the payment of taxes
Form ITC 03
Form GST ITC 03, available on the GST Portal, can now be used to declare your Input Tax Credit Reversal or Payment of tax on inputs that are in stock or in finished goods or in semi-finished goods or capital goods, if you have opted to pay tax under Section 10 or where the goods or services that are supplied becomes wholly exempt.
Other miscellaneous changes done on the GST portal are as follows
- You can now search results for the last 10 Returns Transaction Status even before logging in to the GST portal. The status will be shown as follows:
- For ‘Filed-Valid’, the status will be shown as ‘Filed’
- For ‘Valid but not Filed’, the status will be shown as ‘Not Filed’
- You can now provide the details of the supplies that are made to merchant exporters at a rate of 0.1% in all the returns.
- A field has been provided to enter the cess amount that you pay for exports in Table 6A of GSTR 1 Form.
- As per Notification No. 37/2017-Central Tax (rate), dated 13 October 2017, an option has been provided in GSTR-1 and GSTR-5 form to select a lower tax rate for motor vehicle leasing businesses, on the addition of records such as invoices or debit notes or credit notes.
- The mandatory ‘Reason for Issuing Note’ field that was available in the Credit/Note table, in GSTR-1 Form and was that was mandatory before has been removed now from the GSTR-1 form.
These are some steps taken by the government for providing some relief to the taxpayers so that they file their returns with ease. earlyGST by H&R Block is a leader in filing GST returns effectively along with providing the users with a hassle-free experience.