FinMin aims to roll out pre-filled GST return form soon

pre-filled GST return

Pre-filled GST return: According to a senior government official, the finance ministry plans to implement pre-filled goods and services tax (GST) return forms prior to the start of the next fiscal year. This should address the problem of significant data inconsistencies resulting in tax notices.

In order to keep the system from crashing or slowing down as a result of removing data from various databases, the department is presently analyzing the extra expense of enhancing the digital infrastructure.

“The consolidated GST return form that is pre-filled is still under development. We can finish it before the next fiscal year. Data mismatches are a major issue for us; as a result, there are more and more pointless demand notices, etc. Pre-filled GST returns not only make doing business easier, but they also help avoid mismatches. For that, we are utilizing several templates.”, said one official.

The automated scrutiny module for GST returns sends notices to assesses where the data mismatch is over 20 percent using data analytics and risks identified by the system.

For a few years now, the Central Board of Direct Taxes (CBDT) has been using an identical pre-filled template for income tax return forms.

Read also: GST Return for composition taxpayers

The Central Board of Indirect Taxes and Customs (CBIC) is presently engaging in an analysis of the technological requirements and upgrades that are necessary, as well as a debate regarding the additional costs versus the delays in process.

The finance ministry will specify what technological advances are needed for digital infrastructure and procedures, as well as how much further automation will slow down the system and response times. There is a process that will use processing power and time if we are extracting and populating data from several databases. To what extent will it affect? More infrastructure for design and internal procedures needs to be put in place if we don’t want it to slow down. There is debate in the business community about what constitutes an acceptable additional cost in relation to the benefit, that official further said.

First, a pilot project will evaluate the pre-filled GST return form’s functionality and processing time.

The official stated, “GST Council approval is not needed to proceed with it as it is a matter of taxpayers’ convenience.”

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