GST

Relief to taxpayers: Centre set to review GST’s monthly filing process

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GSTIn a bid to ensure relief to the taxpayers from the hassle of repeated monthly filing of the Goods and Service Tax (GST), Centre may soon review the soon review the entire filing process.

As per the current norms, businesses are directed to file three returns namely GSTR-1, GSTR-2 and GSTR-3 forms every month. These forms provide details of outward supplies of goods/services that are taxable and inward supplies for claiming input tax credit and monthly return.

The review is based on the complaint received from the businesses pertaining to the discrepancies in the invoices while filing returns.

“There will be a review of the norms to file GSTR-1, 2 and 3. Businesses have complained of trouble in invoice matching while filing GSTR-2. It would be reviewed whether matching of invoices would be pursued in the coming months,” said a senior government official

Post the rollout of GST on July 1, the Centre has initially directed the businesses to pay tax by filing up the form GSTR-3B by the 20th day of next month.

Under the Goods and Services Tax (GST) regime rolled out from July 1, the government had allowed businesses to file initial returns and pay taxes by filing up form GSTR-3B by the 20th day of next month.

The form is valid from July to December and it will be discontinued from January.

The filing will complete post submitting form GSTR-1, 2 and 3. Businesses have completed the filing of GSTR-1 return.

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