On Tuesday, GST Network made the big announcement that it has enabled a functionality to help GST payers know their input tax credit (ITC) eligibility in their Annual Return in an attempt to make it more convenient to file GSTR-9.
Goods and Services Tax Network (GSTN), which handles the technology backbone of GST, said in it’s statement that this functionality has been developed to bring the entire computation to taxpayers by way of showing each invoice filed by the suppliers and showing eligibility against each. “GSTN has rolled out an important functionality today which will help GST taxpayers know their exact eligibility of ITC flowing in their Annual Return and thereby filing the annual return, i.e. GSTR-9 more conveniently,” GSTN said in the statement.
A new tab ‘Download Table-8A details’ has been introduced on the GSTR-9 dashboard of the GST portal from Financial Year 2018-19 onwards for this functionality, it added.So far, the GST system used to compute eligible ITC based on suppliers’ sales return GSTR-1, but the break-up at the invoice level was not provided. Taxpayers used to raise a query on the computation of ITC.
Recently, another update had come stating that the ‘GSTN Portal is removing the live data which is older than three years. Now details for July, 2017 are not available on the portal. Likewise after some days details of August,2017 will also not be available. Therefore, please make sure that you download the historical returns and other data, as older data wont be available anymore.’ This message circulated in the form a Whatsapp message and people were tensed. This was in reference with a notification to the GST portal vide Section146 of the CGST Act, 2017 which facilitates all the compliance support under GST. People, were hereby suggested to download the older data and save it. All these changes are in an attempt to bring a positive change to the tax collection system and for the ease of taxpayers.