Two new services introduced on portal for filing monthly GST returns; know benefits here

In order to make it easy for taxpayers, the GST portal has introduced two new functionalities for monthly return filing, Zee Business' Monika Yadav reports. The Goods and Services Tax Network (GSTN) has introduced these two services to simplify GSTR-3B filing.  

The GST portal will calculate liability and input tax credit availability for taxpayers filing their returns.  

It is mandatory for the 1.03 crore general tax payers to file monthly tax return GSTR-3B.  

There are around 1.2 cr assesses out of which around 17 lakh have opted for the Composition Scheme and have to file return on a quarterly basis.

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While the remaining 1.03 crore assessees need to file form GSTR 3B on a monthly basis. The calculation of the input tax credit (ITC) and tax liability has been a bone of contention among the tax payers and the authorities. With this new functionality, the system will now compute both the liability and ITC.