New functionalities to be deployed on GST Portal-Negative liability statement, downloading Form GSTR-4A & HSN in Excel Format
In order to provide a smooth and hassle free experience to the taxpayers and simplify the process for them, to comply with their GST compliances, the GSTN has decided to deploy following new functionalities on the portal :
|
•In case of a negative liability in any tax period of a composition taxpayer (and if no amount is required to be paid by the taxpayer (during that period)), the said negative liability will be maintained in Negative liability statement. This negative balance lying in the negative liability statement will be automatically adjusted against the liabilities of subsequent tax period(s). •The statement would be accessible to them, post-login, by navigating to Services > Ledgers > Negative Liability Statement. |
||
|
•Form GSTR-4A is an auto-drafted statement generated for Taxpayers opting for Composition levy, containing details reported by their registered suppliers in their Form GSTR-1/ GSTR-5 and by their TDS deductors in their Form GSTR-7. •A facility to download the details of Form GSTR-4A, in an Excel file would be made available to the taxpayers, soon. •This Excel file would contain consolidated summary of the supplies at GSTIN level, for the complete financial year, which are required to be reported in Annual Return filed by them in Form GSTR-4. •This summary will also be auto-populated in Table 4A and 4B of their Form GSTR-4. |
||
|
•The currently available HSN Master has been updated on the GST Portal and it now includes product names commonly used in Trade corresponding to a particular HSN code. •A download facility for the entire HSN directory in Excel Format has also been provided to the taxpayers under the link “Download HSN in Excel Format”. This facility is available as a part of the ‘Search HSN’ functionality, available both in Pre and Post Login, on the GST Portal. |
Form 26 to replace Form 3CD of tax audit report from Tax Year 2026-27 Draft Form 26 has been issued…
When AO do not make any addition on the basis of the reasons on which the reopening was done, the…
Under MV Act separate compensation can not be granted under the head “loss of love and affection” – Supreme Court…
Trust accredited by National Institute of Open Schooling eligible for registration u/s.12AB and u/s 80G of the Act. In a…
Delay in furnishing Form 10B – Period between 15.03.2020 till 20.08.2022 to be excluded as per decision of Hon'ble Supreme…
Section 271AAB does not grant any immunity from penalty even if the assessee was able to show some reasonable cause…