The Goods and Services Tax Network ( GSTN ) has added two new features in the GST portal including List of Preferred Banks list while making Payment and the Monthly Refund applications by Quarterly GSTR-1 filers.
From now, every time a taxpayer makes GST payment using in the bank, it will be updated in the Preferred Bank list for that taxpayer. As per the statement issued by the GSTN, up to six preferred banks will be shown to the taxpayer while making e-payment on GST portal.
The GSTN further removed the restriction for applying for a refund on a quarterly basis for quarterly GSTR 1 filers.
These taxpayers can now file refund application on a monthly basis if Form GSTR1 for the quarter is filed.