FinMin seeks industry views on changes in monthly GST payment form
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 firstname.lastname@example.org 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.
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
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