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Business News/ News / India/  GSTN rolls out pre-filled tax forms
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GSTN rolls out pre-filled tax forms

A statement from GSTN said that auto-populated tax return forms showing the summary of monthly transactions (form 3B) will be available from the October tax period onwards

Photo: Indranil Bhoumik/MintPremium
Photo: Indranil Bhoumik/Mint

NEW DELHI : Goods and Service Tax Network (GSTN), the company that processes GST returns, said on Sunday it has rolled out auto-populated monthly tax returns for businesses, which makes tax filings easier and improves compliance.

A statement from GSTN said that auto-populated tax return forms showing the summary of monthly transactions (form 3B) will be available from the October tax period onwards.

These forms will be available in the GSTN portal 12 November onward. Information from reported monthly sales and auto generated tax credit statement will get reflected in the monthly return form 3B dealing with summary of transactions. The authorities want to link information reported about monthly sales in GST return form-1 with the return showing summary of monthly operations (3B).

In a separate statement, GSTN said that it has stepped up its IT systems to handle three lakh concurrent logged in users at a time, double the traffic it used to handle earlier. The upgrade has also enabled GSTN to scale up to five lakh concurrently logged-in taxpayers, if necessary, the company said. “The GST eco-system is future-ready to offer a seamless experience to taxpayers with its augmented capacity even beyond the current load limits," said the statement.

GSTN said that in September, there was a sudden jump in the filing of form 3B due to the backlog in filing of previous months’ returns for which relaxations were provided to the taxpayers in view of pandemic.

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ABOUT THE AUTHOR
Gireesh Chandra Prasad
Gireesh has over 22 years of experience in business journalism covering diverse aspects of the economy, including finance, taxation, energy, aviation, corporate and bankruptcy laws, accounting and auditing.
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Published: 08 Nov 2020, 02:39 PM IST
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