Reetu | Jul 16, 2022 |
Preparation for Changes in GSTR-3B; Finance Ministry Sought Opinion on Changes in Monthly GST Payment Form
The Finance Ministry sought opinion from the industry by September 15 on a draft paper it released on Friday that suggested improvements be made to the monthly GST payment. The GST Council, the top decision-making body for GST issues, proposed last month that changes be made publicly to the GSTR-3B, or monthly tax payment form, and that all stakeholders be consulted on the topic.
The ministry stated, “General public and traders are informed that a thorough draft paper has been prepared on comprehensive modifications in FORM GSTR-3B,” recommending changes to the monthly GST payment method. All interested parties are encouraged to submit ideas and opinions by September 15, 2022. The suggested adjustments, according to Rajat Mohan, Senior Partner at AMRG & Associates, would make it easier for taxpayers to comply with the law and contribute to a reduction in revenue loss.
According to Abhishek Jain, Tax Partner at KPMG India, GSTR-3B is a return form that summarises outgoing and incoming supply for a specific month.
According to Jain, the paper takes into account a number of ideas from taxpayers and administrators, including the auto-population and modification of GSTR 3B.
The suggested modifications, according to senior partner Rajat Mohan of AMRG & Associates, would make it simpler for taxpayers to comply with the law and stop income leaks for tax collectors.
The new GSTR-3B may allow revision, the reporting of negative values, and the clarification of the method of reporting ineligible input tax credits depending on the demands of business and industry.
“On the other hand, tax administration has restricted editing of values auto-populated in GSTR-3B from GSTR-1 and created a distinction between permanent vs. temporary ITC NSE 0.93 percent reversal,” Mohan continued. Tax administration has demanded auto-population of values from GSTR-1 into GSTR-3B in specific rows.
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