GST council may consider changes in monthly Tax payment for better ITC reporting

GST council

An official said the GST Council is likely to consider a change to the GSTR-3B summary return and monthly tax payment form at its meeting next month in order to check for fake input tax credit claims and speed up the settlement of genuine ones. The modified form, according to officials, will clarify the amount of a gross input tax credit (ITC) due to the taxpayer, the amount claimed in a given month, and the net amount remaining in the taxpayer’s ledger.

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A meeting of the GST Council, the highest decision-making body in the GST matter, is expected to take place next month.

The modified form will help in checking bogus ITC claims and ensure that honest taxpayers are able to timely avail the ITC benefit. “The law committee of the GST Council is looking at streamlining the GSTR-3B so that there is further clarity on ITC disclosure. The modified GSTR-3B is expected to be put up before the Council in its next meeting,” the official told PTI.

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GSTR-3B, which is a summary statement and monthly GST payment form, is filed in a staggered manner between the 20th, 22nd, and 24th of every month for different categories of taxpayers. 

Read Also: Quarterly Return Monthly Payment (QRMP) under GST- Question and Answer

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