The GST system was implemented in July 2017. This means that more than seven years have passed since its implementation. Experts say that taxpayers can download and store data older than seven years from the GST portal till September 30, 2024. This will prevent you from facing any problem in future if needed.
If your firm has GST registration, then this news is very important. Data of GST returns older than 7 years of taxpayers will be deleted from the GST portal. Goods and Services Tax Network (GSTN) has made this announcement. It has said that from October 1, taxpayers will not be able to access returns older than seven years. What is the purpose of this move of GSTN?
GSTN has issued an advisory on September 24
Experts say that due to very old data of returns (GST Return), the load on the GST portal increases significantly. Therefore, GST Network has decided to remove the data of returns older than 7 years. This means that if any taxpayer wants to see the data of his returns older than seven years, then it will not be available. GSTN has issued an advisory in this regard on September 24.
Taxpayers can keep old data with them
The GSTN advisory states that according to the data policy of the GST portal, taxpayers will now be able to access only the data of seven years old returns. It also said that now data older than seven years will be deleted every month. Under this, the data of September 2017 will be deleted on October 1, 2024. Experts say that taxpayers who want to keep the data of their returns older than seven years can download it from the GST portal and keep it with them.
Also Read-Â EPFO Withdrawal Rules: When will we have to pay 30% tax on withdrawal? know rules here
It has been more than 7 years since GST was implemented
The GST system was implemented in July 2017. A tax system was started by combining several taxes. Its purpose was to bring uniformity in the tax rates on goods and services in different states and to simplify the tax system. In the initial years, taxpayers had to face problems due to the new system. But, now the problems have been resolved to a great extent. The income of the government from GST is also increasing continuously. Cases of tax evasion have reduced.
Old data can be downloaded till September 30
Experts say that taxpayers can download data older than seven years from the GST portal and store it with them till September 30, 2024. This will not cause any problem if needed in future. However, data older than seven years will be available with the government. But, it will not be very easy to get a copy of it.
Related Articles-
Finance Ministry issued new guidelines for Sukanya Samriddhi Yojana account, know full details
