Finance Ministry wants input on revisions to the monthly GST payment form

15 Jul 2022 , 02:32 PM

Finance Minstry published a document on Friday that suggested adjustments to the monthly GST payment form and requested feedback from the industry by September 15.

The GST Council proposed during its meeting last month that the modifications to the GSTR-3B, or monthly tax payment form, be made public in order to solicit feedback and ideas from the stakeholders.

Therefore, it is officially announced to the general public and the trade at large that a thorough Concept Paper on significant modifications to FORM GSTR-3B is enclosed. To help with the finalization of the topic, the ministry asked all members of the trade and stakeholders to please submit their thoughts, comments, and ideas on the Concept Paper by no later than September 15, 2022, at [e-mail].

According to Abhishek Jain, Tax Partner at KPMG India, GSTR-3B is a return form that summarises outgoing and incoming supply for a certain month.

According to Jain, the document 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.

The tax administration, on the other hand, has mandated that values from GSTR-1 be automatically populated into GSTR-3B in specific rows, restricting the editing of values that were imported into GSTR-3B from GSTR-1 and establishing a distinction between permanent and temporary ITC reversal, according to Mohan.