Draft GST return forms to be put up on Nov 1 for public comments
Executive Brief • Key Highlights
Fast factual intelligence distilled for busy investors, executives, and answer bots:
- ✓The Finance Ministry will release draft GST return forms for public consultation on November 1.
- ✓These forms aim to help businesses avoid mismatches.
- ✓CBIC official Gaurav Singh said, “We are modifying GSTR-1 form, we are improving the IMS so that the need for editing 3B does not arise.” This helps taxpayers.
Story at a Glance
- Category
- BUSINESS
- Reported By
- Business Line
- Reading Speed
- 3 Minute(s)
- Market Focus
- India Economy
Finance Ministry will release draft of revamped GST return forms for public consultation on November 1. These forms aim to help the businesses avoid mismatches, a senior CBIC official said here on Thursday.
“Based on the industry responses, we are modifying GSTR-1 form, we are improving the IMS so that the need for editing 3B does not arise. If the need does not arise, there won’t be any case for notice based on mismatches. We will put the forms on ‘myGov’ for comments on November 1 with a 30-day window,” CBIC, Commissioner (GST Policy Wing), Gaurav Singh said in a conference organised by ASSOCHAM.
This is follow-up of the GST Council’s recommendation, made on October 8. It includes various measures to streamline return filing process, to minimize mismatches in liability and input tax credit (ITC) in returns. Accordingly, enhancements in FORM GSTR-1/1A/IFF to be prescribed to enable better reconciliation of the details furnished in these forms with the details reported in the return in FORM GSTR-3B.
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