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Auto-Population Of GSTR-3B Returns Forms Enabled By GSTN

By Staff
|

On Sunday, GST Network said that businesses will now get complete auto-populated monthly sales return form GSTR-3B.

"For ease of taxpayers, now the system will auto-populate GSTR-3B (monthly) on the basis of details filed in GSTR-1 and auto-drafted ITC statement GSTR-2B from November 2020 tax period onwards," Goods and Services Tax Network (GSTN) said.

Auto-Population Of GSTR-3B Returns Forms Enabled By GSTN
 

Based on the supplies return GSTR-1 filed by businesses, GSTN will auto-populate the liabilities, while input tax credit (ITC) would be populated from system-drafted statement GSTR-2B.

"If the total liability of a particular period is negative on account of debit/credit notes, the same will be auto-populated as zero liability," GSTN said.

Businesses file GSTR-3B in a staggered manner between 20th-24th day of the succeeding month. The facility of communication between taxpayers has been enabled on the GST portal.

The development is expected to enable better reconciliation of GST credits between suppliers and recipients.

Read more about: gst
Story first published: Sunday, December 13, 2020, 18:22 [IST]
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