Based on the supplies return GSTR-1 filed by businesses, GSTN will auto-populate the liabilities, while input tax credit (ITC) would be populated from system-drafted statement GSTR-2B.
Businesses will now get complete auto-populated monthly sales return form GSTR-3B,
GST Network said on Sunday. “For ease of taxpayers, now the system will auto populate GSTR-3B (monthly) on the basis of details filed in GSTR-1 and auto-drafted ITC statement GSTR-2B from November 2020 tax period onwards,” Goods and Services Tax Network (GSTN) said.
Based on the supplies return GSTR-1 filed by businesses, GSTN will auto-populate the liabilities, while input tax credit (ITC) would be populated from system-drafted statement GSTR-2B. “If the total liability of a particular period is negative on account of debit/credit notes, the same will be auto-populated as zero liability,” GSTN said.
While businesses file GSTR-1 of a particular month by the 11th day of the subsequent month, GSTR-3B is filed in a staggered manner between 20th-24th day of the succeeding month. Also, the facility of communication between taxpayers has been enabled on the GST portal.
EY Tax Partner Abhishek Jain said GSTN has enabled the facility for suppliers and recipients to communicate with one another over the online portal itself. “This shall enable the businesses to raise a red flag to their suppliers/ recipients in relation to various discrepancies at their end, as well as receive their comments. This development by the GSTN should facilitate better reconciliation of GST credits between suppliers and recipients,” Jain added.
Source:-financialexpress.com