The GST Tax regime stands as a pivotal part of the Indian taxing system. It was implemented in the year 2017 as a way of reforming and simplifying the comprehensive tax regime that was previously followed. Goods and Service Tax or GST is an indirect tax levied on the manufacture, sale and consumption of goods and services. It essentially replaced the respective taxes that were levied by the State and Central Government. The taxation procedure is standard and followed across the country.
GST Portal – Latest Added Features
The GST portal undergoes updates regularly to ensure that the system is well-equipped to handle the introductions made through the tax regime. Recently, there have been new features added to the GST Search Taxpayer tab as part of the GST portal. This addition has been made by the Goods and Service Tax Network (GSTN). Read on to know the particular features that have been added to the portal.
- Profile and Place of Business Info – As part of the GST portal, you can now find the Profile and Place of Business (POP) added to the GST Search Taxpayer tab. The Profile and the Place have been added separately. The PoB lets you view the Mobile Number and Email of the Principal Signatory. The tab also comprises the constitution of business, administrative office, annual aggregate turnover, gross total income, the status of Aadhar Authentication and the status of the e-KYC.
- Selection of Core Business Activity – The unique characteristic to select the ‘Core Business Activity’ option has been enabled by GSTN. All users of the GST portal can now view the new option upon opening the portal. It appears in the form of a pop-up. Users have to examine the main business to make an appropriate selection from the given options that include service provider, trader and more. Upon making a selection from the given options, you will be allowed to the GST account. You will also be eligible to furnish your GST returns and carry out other functions. As part of the update, you can only pick one major business activity. If you find the need to edit your selected options in the future, you can do so by visiting the profile and clicking on ‘My Profile’. Follow by clicking on ‘Core Business Activity Status’ and furnish the right details.
- Filing of LUT – Users can now furnish the Letter of Undertaking through the GST portal. The process can be undertaken for the financial year of 2021-2022. The updated functionality reduces the effort of submitting the LUT and can be used by all taxpayers.
What is GSTN?
GSTN is a non-profit company that has been set up to direct the developments of the GST regime. The company is registered under the Companies Act and backs the information technology of the GST. GSTN took the decision of awarding Infosys Ltd the contract of developing the hardware and software to support the GST system.
The main idea behind forming the GSTN company is to form an equity that is not affiliated with either the Central or the State Government. Its primary objective remains to advise the State and Central Government on the network of Information Technology. Owing to the sensitive nature of tax data, the government maintains strategic control over GSTN. This is done through the measures such as a shareholder agreement between the governments and GSTN, special resolutions, composition of the board and more.
The regular information technology-related introductions made by GSTN aid tax filers in effectively operating the GST portal. It eases the process and ensures that the system is well equipped to undertake tax processing. GSTN continues to make introductions within short spans and you can stay informed on all the updates by visiting Finserv MARKETS.