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Team Studycafe | May 23, 2022 | Views 17347

GST Council may modify monthly tax payment form to improve ITC reporting

GST Council may modify monthly tax payment form to improve ITC reporting

The GST Council is expected to examine changes to the summary return and monthly tax payment form, GSTR-3B, at its meeting next month in order to combat fraudulent input tax credit claims and speed the settlement of real ones, according to an official.

According to officials, the updated form will clarify the taxpayer’s gross input tax credit (ITC), the amount claimed in a given month, and the net amount left in the taxpayer’s ledger.

The Goods and Services Tax (GST) Council, the top decision-making body in GST matters, is expected to meet next month.

The updated form will aid in the detection of fraudulent ITC claims and ensure that honest taxpayers may take advantage of the ITC benefit on time.

“The GST Council’s law committee is looking on streamlining the GSTR-3B to provide more clarity on ITC disclosure. The revised GSTR-3B is scheduled to be presented to the Council at its next meeting “According to the official.

GSTR-3B, a summary statement and monthly GST payment form, is filed on the 20th, 22nd, and 24th of each month for different types of taxpayers.

“The new form would modify how financial institutions, including banks and NBFCs, enterprises in the oil and gas sector, extra neutral alcohol manufacture, public transportation services, healthcare, and educational services record gross tax credits,”

Precise reporting of the gross tax credit will also eliminate delays in tax revenue sharing between the Centre and states, he noted.

GST on Casino, Race Course and Online Gaming

Earlier this month, a group of state ministers unanimously decided to boost the GST rate on casinos, racetracks, and internet gaming to 28 percent, as well as establish a framework for assessing these services for the purposes of levying this tax. Currently, casinos, horse racing, and online gaming services are subject to an 18% GST. The GoM would determine the mechanism for valuing services.

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