Latin Manharlal Chat
BSE Prices delayed by 5 minutes...
     Prices as on Mar 20, 2019 - 2:19PM     
  ABB India 1336.45 [ 1.53% ]
  ACC 1558.3 [ -0.40% ]
  Ambuja Cements Ltd. 228 [ -0.78% ]
  Axis Bank Ltd. 760 [ -0.13% ]
  Bajaj Auto Ltd. 2947.45 [ -1.10% ]
  Bank of Baroda 125 [ 0.56% ]
  Bharti Airtel 335.35 [ -0.39% ]
  Bharat Heavy Ele 69.1 [ 1.47% ]
  Bharat Petroleum 391.3 [ -4.01% ]
  Britannia Ind. 3090 [ -1.09% ]
  Cipla 533.4 [ 0.08% ]
  Coal India 237.25 [ -2.41% ]
  Colgate Palm. 1298.25 [ 0.79% ]
  Dabur India 425.2 [ -0.35% ]
  DLF Ltd. 198.3 [ 2.08% ]
  Dr. Reddy's Labs 2740 [ 1.31% ]
  GAIL (India) Ltd. 355.9 [ -1.83% ]
  Grasim Inds. 814 [ -0.73% ]
  HDFC 1997.3 [ 1.50% ]
  HDFC Bank 2298.9 [ 1.38% ]
  Hero MotoCorp 2622.4 [ 0.27% ]
  Hindalco Indus. 206.2 [ 1.85% ]
  ICICI Bank 394.7 [ -0.87% ]
  IDFC L 44.2 [ -1.12% ]
  Indian Hotels Co 148.2 [ -1.17% ]
  IndusInd Bank 1718.35 [ -0.42% ]
  Infosys 739.15 [ 2.45% ]
  ITC Ltd. 299.5 [ 0.03% ]
  Jindal St & Pwr 163.2 [ -3.40% ]
  L&T 1374.8 [ 1.33% ]
  Lupin Ltd. 753 [ -0.30% ]
  Mahi. & Mahi 682.75 [ -0.98% ]
  MTNL 13 [ -2.84% ]
  Nestle India 10579 [ -0.92% ]
  NIIT Ltd. 91.4 [ 1.22% ]
  NMDC Ltd. 114 [ -3.35% ]
  NTPC 130.1 [ -3.70% ]
  ONGC 151.45 [ -3.54% ]
  Punj. NationlBak 90.2 [ -0.33% ]
  Power Grid Corpo 198 [ -0.35% ]
  Reliance Inds. 1376 [ 0.05% ]
  SBI 303.65 [ 0.30% ]
  Vedanta 173.85 [ 0.67% ]
  Shipping Corpn. 36.5 [ -3.05% ]
  Sun Pharma. 471.25 [ 0.40% ]
  Tata Chemicals 587 [ -0.83% ]
  Tata Motors Ltd. 181 [ -0.98% ]
  Tata Steel 513.9 [ -2.35% ]
  Tata Power Co. 72.35 [ -0.89% ]
  UltraTech Cement 3935.3 [ -1.15% ]
  United Spirits 571.85 [ -0.61% ]
  Wipro Ltd 262.2 [ 1.79% ]

News Details

Taxpayers can compare tax liability declared in final, summary sales returns forms: GSTN

Back
13/03/2019 10:01
The GST Network said 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.

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).

While GSTR-1 for a month is filed by the 11th day of the succeeding month, GSTR-3B is filed and taxes paid by the 20th day of the succeeding month.

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.

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.

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.

This functionality has been provided in Returns dashboard on the GST Portal to taxpayers under the headings "Comparison of liability declared and ITC claimed".

"This facility will help taxpayers in reconciling their liability and ITC details quickly. They 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," GSTN CEO Prakash Kumar said.