GST Network CEO has said that GST-registered businesses will soon get pre- filled return form, GSTR-3B. To start with, an option to edit the form would be provided to allow businesses to make past adjustments.
Easing of Tax Filing
- GSTN, which handles the IT backbone for GST has already started providing tax liability data based on sales return GSTR-1 of the taxpayer to be used in his tax payment form GSTR-3B in pdf form.
- It is also providing taxpayers auto-generated invoice-wise input tax credit (ITC) statements based on information furnished by the suppliers of the taxpayer. This essentially means that the taxpayer can know how much ITC is available for the month.
- Currently, the liability and ITC are being provided as separate pdf documents. After two months, these two sets of data will automatically start flowing in the GSTR-3B return.
- This is the first step towards connecting GSTR-1 which has business-to-business (B2B) invoice data along with data on exports, business-to-consumer (B2C) supplies and GSTR-3B.
- The move is expected to ease taxpayer hassle of copy-pasting various numbers from sales return form GSTR-1 to GSTR-3B.
- These functionalities have been done for monthly filers of GSTR-1 and functionality for quarterly filers will be introduced in due course.
- GSTN has over 1.26 crore registered taxpayers, out of which 1.07 crore are required to file GSTR-1 and GSTR-3B. Of the 1.07 crore taxpayers, around 58 lakh file GSTR-1 on monthly basis, whereas remaining file at quarterly frequency. However, all 1.07 crore taxpayers have to file a monthly tax return, GSTR-3B.
[GSTR-3B is a monthly summary return filed by a taxpayer by the 20th of the next month.
. It discloses supplies made during the month along with GST to be paid, input tax credit claimed, purchases on which reverse charge is applicable, etc.
. GSTR-1 is a monthly or quarterly return filed by taxpayers to disclose details of their outward supplies for the month, along with their tax liability.
. Here, invoice-wise details are to be uploaded so that the Government can keep a check on every transaction.
. This forms the basis for the recipient of supplies to accept the same and take the eligible input tax credit].
