Industry trade

FinMin Seeks Industry Input on Changes to Monthly GST Remittance Form

The Department of Finance released a document on Friday suggesting changes to the monthly GST payment form and sought comments from industry by September 15.

The GST Board at its meeting last month recommended that changes to the GSTR-3B or monthly fee payment form be placed in the public domain to solicit stakeholder input and suggestions.

“Accordingly, the general public and trade at large are hereby informed that a detailed concept paper on the complete changes to FORM GSTR-3B is attached. All members of the trade/stakeholders are kindly requested to provide their views/comments/suggestions on the concept paper no later than September 15, 2022 to [email protected] to facilitate the finalization of the case, the ministry said.

Abhishek Jain, tax partner at KPMG in India, said the GSTR-3B is a return form capturing the summary of outgoing and incoming supplies for a given month.

The document takes into consideration various suggestions from taxpayers and administrators, including self-filling and amendment in GSTR 3B, Jain added.

Rajat Mohan, senior partner at AMRG & Associates, said the proposed changes would make compliance easier for taxpayers and stop revenue leakage for tax administrators.

At the request of trade and industry, the new GSTR-3B may allow modification, reporting of negative values, and clarifying how to report ineligible input tax credits.

On the other hand, the tax authority required the auto-filling of values ​​from GSTR-1 into GSTR-3B in specific lines, restricting the modification of values ​​auto-filled into GSTR-3B from GSTR-1 and creating a distinction between permanent and permanent. ITC’s temporary reversal, Mohan added.

(Only the title and image of this report may have been edited by Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

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