GSTR-3B: Govt may change monthly GST payment form, invites stakeholders' suggestions
The finance ministry on Friday released a paper suggesting changes in the monthly GST payment form and sought industry comments by September 15.
The finance ministry on Friday released a paper suggesting changes in the monthly GST payment form and sought industry comments by September 15.
The GST Council in its meeting last month recommended that the changes in GSTR-3B or monthly tax payment form be placed in public domain for seeking inputs and suggestions of the stakeholders.
"Accordingly, general public and the trade at large are hereby informed that a detailed Concept Paper on comprehensive changes in FORM GSTR-3B is enclosed. All members of trade/ stakeholders are requested to kindly furnish their views/comments/suggestions on the Concept
Paper latest by 15th September 2022 at gstpolicywing-cbic@gov.In so as to facilitate finalization of the matter,? the ministry said.
Abhishek Jain, Tax Partner, KPMG in India, said GSTR-3B is a return form capturing the summary of outward and inward supplies for a particular month.
The paper takes into consideration various suggestions of both taxpayers and administrators, including auto-population and amendment in GSTR 3B, Jain added.
AMRG & Associates Senior Partner Rajat Mohan said the proposed changes would facilitate ease of compliance for taxpayers and arrest revenue leakage for tax administrators.
On the demand of trade and industry, new GSTR-3B may permit amendment, reporting of negative values, and clarify manner of reporting ineligible input tax credit.
"On the other hand, tax administration has demanded auto-population of values from GSTR-1 into GSTR-3B in specific rows, restricting the editing of values auto-populated in GSTR-3B from GSTR-1 and creating a distinction between permanent vs. Temporary ITC reversal," Mohan added.
Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.
RECOMMENDED STORIES
Senior Citizen Latest FD Rates: Know what major banks like SBI, PNB, Canara Bank, HDFC Bank, ICICI Bank are providing on fixed deposits
Gratuity Calculator: Rs 38,000 as last-drawn basic salary, 5 years and 5 months of service; what will be gratuity amount?
EPFO Pension Schemes: Early pension, retirement pension, nominee pension and 4 other pension schemes that every private sector employee should know
Top 5 Small Cap Mutual Funds with best SIP returns in 1 year: See how Rs 25,000 monthly investment has grown in each scheme
Top 7 SBI Mutual Funds With Best SIP Returns in 1 Year: Rs 25,000 monthly SIP investment in No.1 fund has jumped to Rs 3,58,404
02:13 PM IST