Starting 1st October 2024, the Goods and Services Tax Network (GSTN) will archive data submitted before September 2017 from the GST portal. This major update affects how you do GST Return Filing. This move is aiming to streamline the portal’s operations. However, it also creates urgency for businesses who require their previous records.
Why is data being archived?
The GSTN is working to improve the operation of the GST portal, which includes archiving outdated data. Over time, the platform has gathered massive volumes of data, which may cause delays in tasks such as completing returns, downloading GST bills, and retrieving older information.
Archiving this data will help improve system performance. However, this move necessitates that taxpayers and companies requiring access to past data respond quickly. After October 1st, 2024, data older than seven years will no longer be accessible. While the data will not be permanently lost, frequent access to it via the site will no longer be feasible.
Learn More: How to add HSN Code in the GST Portal?
How will this affect taxpayers?
This archiving has significant consequences for companies and individuals that rely on their tax records. Many organisations regularly need older data for audits, legal battles, or submitting claims. Furthermore, operations will be delayed if GST Return Filing history is not available to businesses readily. Therefore, taxpayers must download the data as soon as possible before the process of archiving begins.
Furthermore, this archiving is critical for organisations facing compliance audits. Tax officials frequently request older data to check claims, particularly in disputes. Losing quick access to these data may need time-consuming steps to obtain them from the archives, perhaps posing legal and financial issues.
Steps to Download Your GST Data before it gets archived
- Access the GST portal by logging into your registered account.
- Go to the ‘Returns’ section on the dashboard.
- Then, select the relevant period (before September 2017) and proceed to download the records.
- Lastly, you also need to pay GST Online if there are any outstanding dues, ensuring you don’t miss out on any pending payments. Then you can securely store the downloaded files for future reference, as retrieving archived data later may take time and effort.
How to Retrieve Archived Data after October 1, 2024?
Once the data has been archived, taxpayers will be unable to obtain it directly from the GST system. Accessing archived data will necessitate filing a request to GSTN. This is likely to involve some waiting time, which might disrupt day-to-day corporate operations if access to older documents is required right away. As a result, it is strongly advised to download all necessary data before October 1st, 2024.
Moreover, If you want any other guidance relating to enabling GST e-invoicing and GST return Filing please feel free to talk to our business advisors at 8881-069-069.
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