The GST Portal has now enabled the functionality to file the Letter of Undertaking (LUT) for the FY 2025-26. Exporters and suppliers to Special Economic Zones (SEZ) must renew their LUT annually, as the existing LUT for FY 2024-25 will expire on March 31, 2025

•The taxpayers can now see the exact Annual Aggregate Turnover (AATO) for the previous FY, instead of just the two slabs of Above or Upto Rs. 5 Cr.
•The taxpayers can also see the Aggregate Turnover of the current FY based on the returns filed till date.
•The taxpayers have also now been provided with the facility of turnover update in case taxpayers feel that the system calculated turnover displayed on their dashboard varies from the turnover as per their records.
​•This facility of turnover update shall be provided to all the GSTINs registered on a common PAN. All the changes by any of the GSTINs in their turnover shall be summed up for computation of Annual Aggregate Turnover for each of the GSTINs.
•The taxpayer can amend the turnover twice within a period of one month from the date of roll out of this functionality. Thereafter, the figures will be sent for review of the Jurisdictional Tax Officer who then can amend the values furnished by the taxpayer.

Filing of Annual returns by composition taxpayers. - Negative Liability in GSTR-4 Instances have come to notice where taxpayers are reporting negative liability appearing in their GSTR-4.
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Background: Since FY 2019-20, composition taxpayers has to pay the liability through Form GST CMP-08 on quarterly basis while GSTR-4 Return is required to be filed on annual basis after end of a financial year.

Reason of Negative Liability in GSTR4: The liability of the complete year is required to be declared in GSTR-4 under applicable tax rates. Taxpayers should fill up table 6 of GSTR-4 mandatorily. In case, there is no liability, the said table may be filled up with ‘0’ value. If no liability is declared in table 6, it is presumed that no liability is required to be paid, even though, taxpayer may have paid the liability through Form GST CMP-08. In such cases, liability paid through GST CMP-08 becomes excess tax paid and moves to Negative Liability Statement for utilization of same for subsequent tax period’s liability.

What the taxpayer did wrongly: Liability paid through Form GST CMP-08 is auto-populated in table 5 of the GSTR-4 for convenience of the taxpayers. Taxpayers who do not fill up table 6 of GSTR-4 i.e. no liability is declared, even though, taxpayer may have paid the liability through Form GST CMP-08; since the ‘Tax payable’ in GSTR-4 is computed after reducing the liability declared in GST CMP-08 and then auto-populated in table 5. Thus, if nothing is declared in table 6, then the negative liability entry appears in GSTR-4.

How to proceed in case of negative liability: If table 6 of GSTR-4 has not been filled due to oversight, a ticket may be raised to nullify the amount available in negative liability statement. If there is no liability to be paid during the year, the liability paid through Form GST CMP-08 shall move to negative liability statement and the same excess amount can be utilised to pay the liability of future tax periods.

As the last date of filing GSTR-1 for April, 2021 has been extended up to 26th May, 2021 and IFF up to 28th May, 2021, the GSTR-2B for April, 2021 shall be generated on 29th May 2021. (Source-GST Portal)

This amendment has been previously notified vide serial no. 7 of the Notification No. 79/2020- Central Tax dated October 15, 2020. This is applicable from the return for tax period of May 2021 onwards.

The option to file GSTR-3B and GSTR-1/IFF by EVC instead of DSC is available for all taxpayers including companies and firms w.e.f. 27.04.2021 to 31.05.2021. Now all taxpayers can submit GSTR-3B and GSTR-1/IFF without DSC.

GSTN has enabled new features on GST Portal. From now the GST Taxpayers can check their status and date of filing of last 5 return periods from GST Dashboard. GST Taxpayers can also change the return filing preference from GST Dashboard  

Government can provide relaxation on various due dates falling in the month of April and May 2021 amid Covid 2019