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13/03/2019 04:20pm

Businesses registered under GST can now compare the tax liability declared in final and summary sales returns forms

image Businesses registered under GST can now compare the tax liability declared in final and summary sales returns forms

New Delhi, Mar 13 (KNN) Businesses registered under GST can now compare the tax liability declared as well as input tax credit claimed in their final and summary sales returns forms, GST Network said.

The GSTN, which handles the technology backbone for the new indirect tax, has provided a facility to the taxpayers to view and download a report on tax liability as declared in their form GSTR- 1 (final sales return) and as declared and paid in their return filed in form GSTR-3B (summary sales return).

The new facility enables the taxpayers to view these 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, GSTN said.

GSTN, in a statement said, since GSTR-1 and GSTR-3B are filed independent of each other, a need was felt to provide facility to view liability declared in both the forms at one place.

"This facility will help taxpayers in reconciling their liability and ITC details quickly. They can view the monthly comparison as well as cumulative comparison up-to the month, on the GST Portal in the tables provided. This will help them in taking corrective steps," GSTN CEO Prakash Kumar said.

Further, the GSTN has also provided taxpayers information regarding data of Input tax credit (ITC) as claimed in their form GSTR 3B and as accrued in form GSTR 2A, based on the return uploaded by the supplier. (KNN/JM)

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