Restore GST Returns Data on Portal

(GSTN’s 29th September advisory )

In a recent advisory issued on September 29, 2024, the Goods and Services Tax Network (GSTN) announced the temporary restoration of archived GST returns data on the GST portal. This decision comes in response to numerous requests from the trade community, including businesses, companies, GST professionals, Chartered Accountants (CAs), GST tax practitioners, and related professionals, who faced significant challenges due to the archival of return data. While this restoration provides a temporary reprieve, it is crucial for all stakeholders to understand that the archival policy will be re-implemented after advance notice. TaxPower GST, with its robust capabilities, remains the ideal solution for managing these changes seamlessly.

 

Understanding the New Advisory

The GSTN had previously issued an advisory on September 24, 2024, detailing the archival of GST returns data older than seven years. This policy, implemented on a monthly basis, saw the archival of return data for July 2017 on August 1, 2024, and for August 2017 on September 1, 2024. However, due to the difficulties faced by businesses and professionals, the GSTN has temporarily restored this data on the portal.

Key Points of the Advisory:

  • Temporary Restoration:

The archived data for July and August 2017 has been restored on the GST portal.

  • Future Archival:

The archival policy will be re-implemented after providing advance notice.

  • Action Required:

Businesses, companies, and professionals are advised to download and save the restored data for future reference.

Impact on Stakeholders

The archival of GST returns data poses significant challenges for businesses, companies, GST professionals, CAs, GST tax practitioners, and related professionals who rely on historical data for compliance, reconciliation, audits, and financial planning. Without access to this data, maintaining accurate records and ensuring compliance with GST regulations becomes difficult. The temporary restoration provides a brief window for all stakeholders to secure their data.

How TaxPower GST Can Help – How to restore GST returns Data?

TaxPower GST, an on-premise GST compliance software, offers a robust solution to this challenge. By integrating seamlessly with the GSTN portal, TaxPower GST downloads and stores GSTR data in a local SQL server database. This ensures that once the data is downloaded, it remains available to users at all times, regardless of the archival policies of the GST portal.

Key Benefits of Using TaxPower GST:

  • Uninterrupted Access to Historical Data:

With TaxPower GST, users can access their GST data anytime, even beyond the seven-year limit imposed by the GSTN portal. This ensures that businesses, companies, and professionals have continuous access to their historical data for compliance, reconciliation, and other purposes.

  • Enhanced Compliance and Reconciliation:

The software facilitates easy compliance and reconciliation by providing continuous access to all necessary data. This helps businesses and professionals stay compliant with GST regulations and avoid potential penalties.

  • Data Security and Control:

Storing data locally ensures that businesses and professionals have complete control over their information, enhancing data security and reducing dependency on external portals. This also mitigates the risk of data loss due to the archival policies of the GST portal.

Conclusion

In light of the new GSTN advisory, it is more important than ever for businesses, companies, GST professionals, CAs, GST tax practitioners, and related professionals to have a reliable solution for managing their GST data. TaxPower GST offers a comprehensive and secure way to ensure continuous access to your GST returns data, helping you stay compliant and efficient. While the temporary restoration of data provides a brief respite, stakeholders must be proactive in securing their data before the archival policy is re-implemented.

Call to Action

Ensure your business remains compliant and efficient. Get TaxPower GST today and secure your GST data for the future.

Referenced from the 29 September 2024 announcement on the GSTN portal.