CBIC working on Prefilled consolidated GST Returns; Implementation likely by year-end:

CBIC working on Prefilled consolidated GST Returns; Implementation likely by year-end The Central Board of Indirect Taxes and Customs (CBIC) is preparing a consolidated pre-filled form that will include an e-verification capability to resolve any differences in data prior to filing the return, minimising the extent of any error. According to authorities, the service, which is slated to be available by the end of this year, would minimise litigation, increase compliance, and make it easier to file GST returns without the effort of uploading so many papers. These pre-filled returns will be on the lines of Annual Information Statement used by Income tax dept showing all transaction details & e-invoices to arrive at exact liabilities. Auto-populated returns will also come with an e-verification feature to settle any discrepancies in data ahead of the filing of returns, reducing the scope of error. GSTN's backend systems have evolved to sync financial data from banks/NBFCs, automated scrutiny & analysing data from the income tax department. Auto-population of returns will reduce litigation, improve compliance and expected to reduce the time and cost of fillings by 60%.