New Delhi, GST taxpayers will now have the option to amend the outgoing sales or supply declaration form GSTR-1 before payment of tax for a month or quarter.
The GST Council in its meeting on Saturday recommended providing a new optional facility through Form GSTR-1A to facilitate taxpayers to modify the 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.
This will facilitate the taxpayer to add any details of supply of the current tax period omitted in the return 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 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 day of the following month. Taxpayers with an annual turnover of up to Rs 5 crore can file GSTR-1 quarterly within the 13th day after the end of the quarter.
Shardul Amarchand Mangaldas & Co Partner Rajat Bose said this is a positive change recommended by the council from a compliance perspective and will make it easier to do business.
Abhishek Jain, director and partner, indirect tax, KPMG, said allowing review of filings made in GSTR-1 is a good measure to rectify administrative and inadvertent errors before payment of tax and reduce unwarranted notifications for reconciliation of taxes. disclosures in GSTR-1 and payment. of taxes see GSTR-3B.
“It will be interesting to see the mechanism for a population of GSTR-2B for the recipient and the time window available for the recipient to reconcile the credits,” Jain added.
Maulik Manakiwala, Indirect Tax Partner, BDO India, said the introduction of Form GSTR-1A to report details that were omitted during filing of GSTR 1 indicates that through proactive consultations with the industry, the government's intention is to simplify the GST law and facilitate compliance for the assessee.
The GST Council also recommended that taxpayers with an aggregate annual turnover of up to two crore rupees be exempted from filing annual returns in Form GSTR-9/9A for the financial year 2023-24.
The GST Council in its meeting on Saturday recommended providing a new optional facility through Form GSTR-1A to facilitate taxpayers to modify the 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.
This will facilitate the taxpayer to add any details of supply of the current tax period omitted in the return 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 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 day of the following month. Taxpayers with an annual turnover of up to Rs 5 crore can file GSTR-1 quarterly within the 13th day after the end of the quarter.
Shardul Amarchand Mangaldas & Co Partner Rajat Bose said this is a positive change recommended by the council from a compliance perspective and will make it easier to do business.
Abhishek Jain, director and partner, indirect tax, KPMG, said allowing review of filings made in GSTR-1 is a good measure to rectify administrative and inadvertent errors before payment of tax and reduce unwarranted notifications for reconciliation of taxes. disclosures in GSTR-1 and payment. of taxes see GSTR-3B.
“It will be interesting to see the mechanism for a population of GSTR-2B for the recipient and the time window available for the recipient to reconcile the credits,” Jain added.
Maulik Manakiwala, Indirect Tax Partner, BDO India, said the introduction of Form GSTR-1A to report details that were omitted during filing of GSTR 1 indicates that through proactive consultations with the industry, the government's intention is to simplify the GST law and facilitate compliance for the assessee.
The GST Council also recommended that taxpayers with an aggregate annual turnover of up to two crore rupees be exempted from filing annual returns in Form GSTR-9/9A for the financial year 2023-24.
