GSTR-1A a means to revise GST Return? Taxpayers await for More Clarification by GST Council

The 53rd GST Council Meeting is going to be held on 22 June 2024 in New Delhi. The meeting will be chaired by Finance Minister Nirmala Sitharaman and State finance ministers will also be present there.

In this council meeting, the Council is going to consider launching a New GST Form namely GSTR-1A. This new form GSTR-1A is meant to rectify the GST return form GSTR-1. GSTR-1A will allow taxpayers to amend or add records within the same month/ same period after filing GSTR-1, but before filing GSTR-3B.

As per the sources who have knowledge on this, the New proposed form is going to work like a magical document that will help taxpayers to correct their returns, who made mistakes in filing or submitted incorrect data due to furnishing it on time or for any other reason.

This proposal is made to ease the compliance of filing GSTR-1. This provides a sense of huge relief to taxpayers while also ensuring precise and timely corrections in the return filed.

Form GSTR-1A will include a feature of flexibility in the revision. Currently, taxpayers are unable to change GSTR-1 in the same period after it has been filed. Any changes or missing records must be reported on the GSTR-1 for the next return period.

The modified liability will be automatically populated in GSTR-3B, facilitating proper liability discharge. Amendments or missing records can be reported in GSTR-1A before filing GSTR-3B, which promotes efficient reporting.

Form GSTR-1 is a monthly/quarterly Statement of Outward Supplies that must be submitted by all normal and casual registered taxpayers who make outward supplies of goods and services or both. It contains information about outward supplies of goods and services.

What are your thoughts on this proposed launching of a new form? Do you think this will help taxpayers on a large scale without any complication?? Do comment with your opinion about it.