Revised GST returns: In an effort to assist taxpayers and reduce litigation under the indirect tax system, the government is thinking of permitting the filing of updated or amended returns under the goods and services tax (GST). According to the proposal, taxpayers will be able to make corrections to their returns, including the tax computation.“We are looking at allowing updated returns under GST,” a senior official told.
With the exception of minor adjustments to the invoice details uploaded on the portal, there is currently no provision for filing amended returns under GST. The Supreme Court is currently considering a petition pertaining to the facility that the industry has been requesting.
The facility is already available under income tax. “This will add immensely to the ease of filing returns and reduce litigation where the intent is not to evade tax and a taxpayer has either miscalculated or missed out on a detail,” the official added.
Read also: Different Types of Bills and Invoices under GST – You should know
The details are being worked out by the Central Board of Indirect Taxes and Customs, which will subsequently be addressed by the GST Council’s law committee and the council itself. The option could be made available for yearly returns at first, then extended to quarterly ones. After the GST Council gives its approval, it would take at least eight to nine months to implement because the GST Network would need to be significantly upgraded.
Since Infosys’s contract as the current service provider for the GST portal expires on September 30, 2024, the GSTN will assign the task to the next technology vendor. “We will be able to implement the new facility by April 2025, if everything goes as planned,” a GSTN official stated.
“Just as the robust compliances continue to be the backbone of GST, the GST return forms require timely updates to reflect the changing fiscal landscape, including revising the annual return form to reflect the altered input tax credit reporting implemented in monthly return effective August 2022,” one of the expert said.
Read also: New GST rate on pencil, jaggery to be effective from 1st March
According to a different expert, thousands of GST-registered individuals and dealers frequently commit human errors related to calculations and counting, which can be fixed if pre-filled returns are offered with the option for revised returns. “Businesses would benefit from the proposal, but it is important to make sure that the data is collected in real time, verified, and that businesses can edit all fields in the automatically generated returns. Additionally, tax payment calculations should be based on the information provided by businesses,” the speaker stated.
Disclaimer: The article or blog or post (by whatever name) in this website is based on the writer’s personal views and interpretation of Act. The writer does not accept any liabilities for any loss or damage of any kind arising out of information and for any actions taken in reliance thereon.
Also, www.babatax.com and its members do not accept any liability, obligation or responsibility for author’s article and understanding of user.
For Collaborating with us-
- Mail us at [email protected]
- Whatsapp us at +91-702498492
