Goods and Services Tax Network (GSTN), the IT backbone of GST, on Tuesday announced unveiling of a facility that will allow taxpayers to view and download month-wise report on tax liability, declared and paid. There will also be information regarding input tax credit (ITC).
This functionality has been provided in Returns dashboard on the GST portal to taxpayers under the headings ‘Comparison of liability declared and ITC claimed’. The data can also be downloaded in Excel file for viewing and comparison later on.
“This facility will help taxpayers in reconciling their liability and ITC details quickly,” Prakash Kumar, CEO, GSTN, said adding that taxpayers can view the monthly comparison as well as cumulative comparison up to the month, on the portal in the tables provided. “This will help them in taking corrective steps,” he claimed. At present, there are over 1.10 crore assessees under GST filing returns on monthly or quarterly basis.
According to a GSTN statement, regular taxpayers file Form GSTR-1 on monthly or quarterly basis, depending upon their turnover, to show their outward tax liability on the supplies made by them. This includes B2B (business to business) invoice data, which is used by the system to generate Form GSTR 2A of the receiver taxpayers (recipients). These taxpayers (recipients) are also required to file Form GSTR 3B on a monthly basis, to discharge their tax liability where they show liability and ITC at summary level.
Since GSTR-1 and GSTR-3B are filed independent of each other, a need was felt to provide a view of liability declared in both the forms at one place. The new facility enables the taxpayers to view the two liabilities in one table for each return period at one place, which can be compared. This will enable taxpayers to make good of any differences between the two forms filed by them on GST portal, the statement mentioned.
Taxpayers have also been provided information regarding data of ITC as claimed in their Form GSTR 3B and as accrued in Form GSTR 2A. Taxpayers claim their ITC on supplies received by them during the month, in their Form GSTR 3B and use it to offset their tax liability during the month. Further, when their suppliers upload their Form GSTR-1, the data flows into receiver taxpayer’s (recipient’s) Form GSTR 2A. Thus, Form GSTR- 2A shows the details of supplies made to receiver taxpayers (recipient) along with tax details, which is nothing but ITC available to receiver taxpayers. Now taxpayers can see both these data sets and compare the input tax credit availed by them.
Similarly, taxpayers have been provided with a facility to view the liability paid due to reverse charge as declared & paid in Form GSTR 3B and as accrued in Form GSTR 2A, due to uploading of such details by the supplier in Form GSTR-1. Also, taxpayers can view and compare the liability related to exports & SEZ supplies as declared in their Form GSTR-3B during the month and liability as declared in their Form GSTR-1 (Zero rated supplies).