New Delhi, Ministry of Finance has notified Form GSTR-1A which will give taxpayers the option to modify the foreign sales or supply return form.
Last month, the GST Council recommended providing a new optional facility through Form GSTR-1A to facilitate taxpayers to amend details in Form GSTR-1 for a tax period and/or declare additional details.
However, GSTR-1A will have to be filed before filing the return in GSTR-3B for the said tax period.
The Ministry of Finance notified Form GSTR-1A on July 10.
Moore Singhi CEO Rajat Mohan said the Central Board of Customs and Excise (CBIC) has brought a significant improvement in the GST compliance framework with the optional feature of Form GSTR-1A.
"By facilitating timely corrections, Form GSTR-1A ensures that the correct tax liability is automatically filled in Form GSTR-3B, reducing manual errors and encouraging a streamlined compliance process," he said.
This amendment not only minimizes the risk of penalties and interest due to incorrect filings but also significantly reduces the compliance burden, underlining the CBIC's commitment to a more responsive and taxpayer-friendly GST regime, Mohan added.
Abhishek Jain, director and partner, indirect tax, KPMG, said enabling provisions to allow rectification of GSTR-1 is a welcome move and should help contain unwarranted disputes over routine reconciliation between GSTR-1 and GSTR-3B (specifically unintentional errors) for companies.
"Further, the prescribed mode should not significantly affect the input tax credit reconciliation process for corporates," Jain said.
This will facilitate the taxpayer to add any details of supply of the current tax period omitted in the declaration in Form GSTR-1 of the said tax period or amend any details already declared in the GSTR-1 of the current tax period (including those declared in Facility of Supply of invoices (IFF), for the first and second month of a quarter, if applicable, for quarterly taxpayers), to ensure that the correct liability is automatically filled in GSTR-3B.
Currently, GST taxpayers file GSTR-1 outgoing supply return by 11th of the following month, GSTR-3B is filed in a staggered manner between 20th and 24th of the following month.
Taxpayers with an annual turnover of up to Rs 5 crore can file GSTR-1 quarterly within the 13th day of the end of the quarter, while GSTR-3B is filed between the 22nd and 24th of the following month.
Last month, the GST Council recommended providing a new optional facility through Form GSTR-1A to facilitate taxpayers to amend details in Form GSTR-1 for a tax period and/or declare additional details.
However, GSTR-1A will have to be filed before filing the return in GSTR-3B for the said tax period.
The Ministry of Finance notified Form GSTR-1A on July 10.
Moore Singhi CEO Rajat Mohan said the Central Board of Customs and Excise (CBIC) has brought a significant improvement in the GST compliance framework with the optional feature of Form GSTR-1A.
"By facilitating timely corrections, Form GSTR-1A ensures that the correct tax liability is automatically filled in Form GSTR-3B, reducing manual errors and encouraging a streamlined compliance process," he said.
This amendment not only minimizes the risk of penalties and interest due to incorrect filings but also significantly reduces the compliance burden, underlining the CBIC's commitment to a more responsive and taxpayer-friendly GST regime, Mohan added.
Abhishek Jain, director and partner, indirect tax, KPMG, said enabling provisions to allow rectification of GSTR-1 is a welcome move and should help contain unwarranted disputes over routine reconciliation between GSTR-1 and GSTR-3B (specifically unintentional errors) for companies.
"Further, the prescribed mode should not significantly affect the input tax credit reconciliation process for corporates," Jain said.
This will facilitate the taxpayer to add any details of supply of the current tax period omitted in the declaration in Form GSTR-1 of the said tax period or amend any details already declared in the GSTR-1 of the current tax period (including those declared in Facility of Supply of invoices (IFF), for the first and second month of a quarter, if applicable, for quarterly taxpayers), to ensure that the correct liability is automatically filled in GSTR-3B.
Currently, GST taxpayers file GSTR-1 outgoing supply return by 11th of the following month, GSTR-3B is filed in a staggered manner between 20th and 24th of the following month.
Taxpayers with an annual turnover of up to Rs 5 crore can file GSTR-1 quarterly within the 13th day of the end of the quarter, while GSTR-3B is filed between the 22nd and 24th of the following month.