On July 1, 2017, the nation embraced its extensive indirect tax reform. Since then, we see several changes mooted by GSTN (Goods and Service Tax Network) from time to time. Lately, a unique feature titled AATO (annual aggregate turnover) is incorporated on the GST portal to make it more user-friendly.
This time saviour feature offers taxpayers to see the exact annual turnover (AATO) for the previous financial year as stated in returns instead of just two slabs of “Above or up to Rs. 5 Cr”.
In addition, the portal also features current financial year turnover based on returns filed to date.
As stated, the turnover is the summed-up figure of filed returns. The system also put forward the turnover calculation logic for the ease of the taxpayer.
The turnover updating facility has also been equipped for the taxpayer. In other words, if the taxpayer comprehends that the system-calculated turnover varies from the turnover he deems, the said taxpayer is permitted to amend the stated turnover. This benefit of turnover update shall be equipped to all the GSTINs registered on a common PAN. However, any discrepancy can be entertained only twice within one month from the date of the rollout of this functionality. Afterward, the updated value shall be frozen with no further attempts provided to the taxpayers to amend their turnover(s) and this turnover figure will be sent to the Jurisdictional Tax Officer for review.
The jurisdictional officer is also empowered to amend the turnover if he finds any discrepancy in the updated/amended values furnished by the taxpayer. However, the said power can only be put in operation only after consulting and/or communicating with the concerned taxpayer. After such consultation, the turnover concluded shall be deemed to be final.
Within 30 days, if no action is taken by the officer on the turnover reported by the taxpayer, then the same shall be considered as final (which will be displayed to the taxpayer accordingly) and will be considered as such for the full previous financial year.
In case of any grievances about the said functionality, the aggrieved taxpayer can raise a ticket on their corresponding dashboard. All such tickets shall be investigated by the technical team and shall be resolved on a case by case basis and when needed they shall be forwarded to the jurisdictional officer.
Disclaimer: This content is meant for information only and should not be considered as an advice or opinion, or otherwise. AKGVG & Associates does not intend to advertise its services through this.
Posted by:
CA Tarun Kapoor
AKGVG & Associates