New Functionalities made available for Taxpayers on GST Portal in June, 2021

User experience is the key and keeping in this in mind, new features have been added to the GST portal constantly and some of the new Functionalities were made available for Taxpayers on GST Portal in June, 2021. They are

1. Moving the records saved in IFF, to later months of same Quarter, by taxpayers under QRMP Scheme

There can be cases where the QRMP Taxpayers have entered the data in the IFF but not submitted. In such cases the records which are saved and not submitted/filed can be moved from one period to another period as well as moved from various periods of the Quarter to GSTR – 1 while filing the return.

• Taxpayers can now MOVE the records saved in their IFF of first month of a quarter (if the time for filing it has expired) to IFF of second month of the quarter.
• Taxpayers can also MOVE the records saved in IFF of first month & second month of the quarter (if the time for filing it has expired) to their quarterly Form GSTR-1 (of the same quarter). Please note that the records can be moved only within a quarter.
• While preparing IFF/GSTR-1 (of later months of same quarter) online, in case of saved records, taxpayers will get a pop-up prompting them to either MOVE the records by selecting YES or delete them by selecting NO.

2. Auto population of GSTR-3B liability, for taxpayers under QRMP Scheme, from their IFF and GSTR 1

The tax liability in the case of QRMP taxpayer, it will be auto populated from IFF filed during the months to GSTR – 3B. This will ensure that there are not data entry errors and correct liability gets reported.

3. Filing for refund of accumulated ITC by taxpayers making exempt/ nil-rated supplies, by selecting an option of not having an LUT number in the refund application

Exports are Zero rated supplies under GST and the exporters have an option to invoice with payment of taxes or without payment of taxes. In cases where the invoice is issued without payment of taxes, the taxpayer has to file a refund application separately to claim the accumulated input tax credit in the electronic credit ledger.

To claim refund, in the Form RFD – 01, the taxpayer has to enter the Letter of Under Taking Number currently. From this month onwards the taxpayers now an option to select any one of the following

• I have a valid LUT number.
• I don’t have a valid LUT number, since I am making only exempt/ nil rated supplies

The above mentioned are the new features added for the taxpayers on the GST portal to provide better user experience. Since auto population is machine driven, it is recommended to cross check the values auto populated before filing for the accuracy. In case of any differences, the values can be over written and correct values should be entered.

GST TIP – 438

As per Circular No. 33/07/2018-GST dated 23rd Feb 2018, the taxpayer in case utilizes the credit carried forward from the blocked CENVAT Credit from the Electronic Credit Ledger, the same has to be paid with interest and penalty.

GST TIP – 437

As per Circular No. 33/07/2018-GST dated 23rd Feb 2018, the taxpayer as on 1st of July is not eligible to take the credit on the blocked CENVAT Credit from the carried forward balance in the Electronic Credit Ledger. Blocked input tax credit here refers to input tax credit taken on items such as pipelines laid outside the factory or telecommunication towers.

GST TIP – 435

As per Circular No. 33/07/2018-GST dated 23rd Feb 2018, the taxpayer will not utilize the CENVAT Credit in the Electronic Credit Ledger for the amount carried forward on the amount which is pending with the department as on 1st July 2017.

GST Tip – 380

In GSTR – 3 if there is a difference between the tax amounts filed in GSTR – 3B and with GSTR – 1 and GSTR – 2, the same can be adjusted in Part – B of GSTR – 3. If the tax liability is more, then the same has to be paid/discharged in case of excess credit, the same will be updated in the electronic credit ledger.

GST Tip – 237

As per the Transition Rules, the amount of credit specified in the FORM GST TRAN-1 shall be credited to the electronic credit ledger maintained by the common portal in FORM GST PMT-2.

GST Tip – 201

As per the Draft Input Tax Credit Rules, the registered person on sale, merger, de-merger, amalgamation, lease or transfer or change in ownership of business for any reason, furnish the details of sale, merger, demerger, amalgamation, lease or transfer of business, in FORM GST ITC-02 on common portal electronically for the transfer of the Input Tax Credit balance in his electronic credit ledger to the transferee.

GST Tip – 113

In the GSTR Returns, the matching of the buyers and sellers invoices is done in the following manner first by matching (a) GSTIN of the supplier (b) GSTIN of the recipient (c) Invoice/Debit Note date (d) Invoice/Debit Note number (e) Taxable value (f) Tax amount. If all attributes are matched, once supplier makes the payment of taxes, the same will be updated in the buyers Electronic Credit Ledger.