As we know the Goods and Service Tax Network (GSTN), recently launched many new features on the GST portal like changes on GSTR-2A, launch of new autopopulated ITC statement GSTR-2B etc. In continuation to above one more facility has been provided on GST portal whereby the portal is now showing aggregate annual turnover for the previous financial year after logging in to the portal.
The status showing annual aggregate turnover of preceding financial year of all GSTINs of a taxpayer has now been made live on by Goods and Service Tax Network (GSTN) on the GST portal. Needless to say that the GST Portal is a website where all the compliance activities of GST can be done before and after GST login. Activities such as the GST registration, return filing, payment of taxes, application for refund, etc. can be done only thorugh the GST Portal.
The portal is not showing the exact figures of annual aggregate turnover, however, it is only showing the status whether it is up to 5 crores or more than 5 crores. It may be noted that the limit of aggregate turnover Rs 5 crore is very important for determining the due date of furnishing of GSTR-3B, eligibility to the newly introduced quarterly return and monthly payment scheme etc.
This update on GSTN portal is in continuation of the mail which the GSTN sent to the taxpayers during the month of August 2020.
The aggregate turnover appearing on the website would be used for certain validations in the GSTN system such as determining the due date of returns, computing the late fees, etc. In case of any discrepancies in aggregate turnover, the taxpayer may report the same to the grievance redressal system of the GST portal.
For ready reference of our readers the relevant screenshots are as under for reference purposes.
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Frah Saeed is a law graduate specializing in the core field of indirect taxes and is the Co-founder of taxwallah.com. She has authored many publications on GST and is into full-time consultancy on GST to big corporates. She as a part of taxwallah.com heads a team comprising of Chartered Accountants and Advocates and plays a key role in our mission to disseminate GST knowledge to all.
