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GST Update on New Functionality on GST Portal

GST Update on New Functionality on GST Portal

 The Goods & Service Tax Network (GSTN) has added new functionality on GST Portal where the registered person can compare the Tax Liability between GSTR-3B & GSTR-2A. This Tool will help dealers for reconciling their Input Credits while filing Annual Return (GSTR-9) or Monthly Returns.
Comparison-of-liability-declared-tool-768x384.jpg
There are also some new helpful features added in “Comparison of Liability declared and ITC Claimed” tool, which is as below:
  1. The statement is called is Credit and Liability Statement.
  2. Comparison of GSTR-3B Tax Liability vs. GSTR-1 Tax Liability.
  3. Comparison of ITC Claimed in GSTR-3B vs. accrued as per GSTR-2A.
  4. Comparison of liability due to receipt of reverse charge supplies. (i.e.Liability declared in GSTR-3B during the month [as per table 3.1(d)] vs. Amount auto-populated in GSTR-2A[as per Part-A]
  5. Comparison of Liability due to Export and SEZ Supplies (i.e. Liability declared in GSTR-3B during the month [as per table 3.1(b)] vs Liability declared in GSTR-1 (Zero rated supplies) [as per table 6A, 6B, 9A, 9B, 9C]
All the registered taxpayers can view the monthly comparison as well as cumulative comparison upto the month, on the GST Portal in the tables provided. This will help them in taking corrective steps in reconciling the books of accounts and ledgers on the GST portal. However, there are several reasons why reconciliation for GST returns data is required by businesses under GST.
  1. As per the new proposed model of GST returns by GSTN, taxpayers will be able to claim ITC only if the invoice is present as a part of their 2A data or vendor data. Owing to this, taxpayers will now need to do a reconciliation wherever the ITC as per their purchase register and 2A data is not matching.
  2. GST returns are filed monthly or quarterly basis. Finally, after the financial year gets over, annual returns must be filed before the 31st December of subsequent FY(Eventually the last date for filing GSTR 9 for the financial year 2017-18 has been extended till 30th June 2019.  This would need consolidation of the data reported over the FY. In order to ensure the correctness of the declaration made and to avoid duplications, taxpayer must reconcile the data, then consolidate the values and make the declaration. 
This is solely for the educational purpose.
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