New Functionality in GST Returns: A Short Overview
1) Re-compute Interest button in Table 5.1 of Form GSTR-3B
➡ A RE-COMPUTE INTEREST button has been provided in Table5.1 of Form GSTR 3B which enables the taxpayers to re-computeinterest in case they feel there is any discrepancy in the system computed interest.
➡ On click of the RE-COMPUTEINTEREST button, the system will re-compute the interest and update the system generated Form GSTR-3B PDF.
2) Enabling validation at 4-digit HSN declaration in Table-12 of GSTR-1
➡ A validation has been implemented in Table-12 of Form GSTR-1wherein the taxpayers with AATO up-to Rs.5 crores have tomandatorily enter minimum 4 digits of HSN.
➡ A warning messageshall be displayed if less than 4 digits are entered.
3) Implementing Sequential Filing of Form GSTR-1 and filing of Form GSTR-1 prior to Filing of Form GSTR-3B
➡ From October-2022, tax period onwards, filing of Form GSTR-1 has been made sequential.
➡ The system would not allow filing of Form GSTR-1 until the GSTR-1 for the previous return period isfiled.
➡ This would apply to both Monthly and Quarterly filers.
➡ In addition, w.e.f. October-2022 tax period onwards, filing of FormGSTR-1 before filing of Form GSTR-3B for a particular tax periodhas been made mandatory on the portal.
➡️This would apply to both Monthly and Quarterly filers.
4) Validation to check duplicate entries in Form GSTR-2B
➡ From the period Sep 2021, onwards, an option was provided to thetaxpayers to pull the BoE details in Form GSTR-2B in case it was notpopulated automatically from ICEGATE using ‘Fetch Bill of ntry’functionality.
➡ However, in absence of a check in the system in some cases the BoE details were getting populated twice in taxpayer’s Form GSTR-2B.
➡ A validation has now been implemented on the portal so as to ensurethat BoE details do not get populated twice in Form GSTR-2B.
5) Turnover threshold validation on filing by composition taxpayers
➡ With effect from FY 2021-22, a validation has been implemented on the portal so as to ensure that a taxpayer whose aggregateturnover exceeds Rs.1.5 crore for goods and/or Rs.50 lacs for goodsand services will not be able to file quarterly statement in Form CMP-08 and annual return in Form GSTR-4.
➡ An alert message will bedisplayed on the taxpayer’s dashboard in such cases.