GSTN rolls out auto-populated monthly tax returns forms
November, 09th 2020
GSTN, the firm that processes GST returns, released a statement saying that the auto-populated tax return forms will be available from the October tax period onwards
With an aim to make tax filings easier and improve compliance, the Goods and Service Tax Network (GSTN) on November 8 rolled out auto-populated monthly tax returns for businesses.
GSTN, the firm that processes GST returns, released a statement saying that the auto-populated tax return forms will be available from the October tax period onwards.
These forms will be available in the GSTN portal from November 12 onwards and will show the summary of monthly transactions (form 3B). After the forms are filled up, information related to monthly sales and auto-generated tax credit statement will get reflected in form 3B.
Under the new process, the authorities are seeking to link information related to monthly sales in GST return form-1 with the return showing a summary of monthly operations (3B).
GSTN said it has augmented the capacity of the gateway from 1.5 lakh to 3 lakh concurrent logged in taxpayers to handle the expected sharp surge in the indirect tax-related activities on the portal after the easing of the lockdown.
Further, the upgrade has enabled GSTN to handle and scale up to 5 lakh concurrently logged-in taxpayers, if necessary, it added.
Earlier during its 39th meeting on March 14, the GST Council had recommended adopting and implementing an incremental approach of linking the present system of filing of GSTR-3B and GSTR-1.