Businesses to get complete auto-populated monthly sales return form GSTR-3B states GST Network on Sunday.

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

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

GSTN further adds, "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."

While businesses file GSTR-1 of a month by the 11th day of the subsequent month, GSTR-3B is filed in a staggered manner between the 20th-24th day of the succeeding month. Additionally, the facility of communication between taxpayers has been enabled on the GST portal.

EY Tax Partner Abhishek Jain states that GSTN has enabled the facility for suppliers and recipients to communicate with one another over the online portal itself.

He further adds, "This shall enable the businesses to raise a red flag to their suppliers/ recipients in relation to various discrepancies at their end, as well as receive their comments. This development by the GSTN should facilitate better reconciliation of GST credits between suppliers and recipients."