The government is developing pre-filled consolidated GST return forms along the lines of the Income Tax Department’s Annual Information Statement (AIS), which will allow taxpayers to view all of their transaction details and e-invoices to determine their exact tax liabilities. The Central Board of Indirect Taxes and Customs (CBIC) is preparing a consolidated GST pre-filled data form that will include an e-verification feature to resolve any discrepancies in data prior to filing the return, reducing the scope of any error.
According to officials, the facility, which is expected to be launched by the end of this year, will reduce litigation, improve compliance, and make it easier to file GST returns without the hassle of uploading so many documents.
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“Automation in filing is already happening and by November we expect the launch of a consolidated AIS like feature for the GST taxpayers also,” a senior official told.
Currently a regular business needs to file three returns – GSTR-1 and GSTR-3B on monthly and quarterly basis, depending on their turnover and an annual GSTR-9 form. While some forms already have GST pre filled data, it is not synchronised and the taxpayers have to match all details around purchases, sales, refund claims or demand created separately to avail input tax credit. According to the official, the facility is expected to cut the time and cost of e filling by 60%.
The department has already worked on capturing more data from taxpayers in the last six months by lowering the threshold of E-Invoices, syncing their financial data from banks and NBFCs, automated scrutiny, and data sharing from the income tax department.
GSTN will be integrated with the country’s ambitious financial data sharing network, Account Aggregator, before July 1.
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