GST COUNCIL APPROVES GSTR-1A FORM FOR AMENDING SALES RETURNS - DETAILS

GST taxpayers will now have the option to amend outward supply or sales return form GSTR-1 before payment of taxes for a month or quarter.

The GST Council in its meeting on Saturday had recommended providing a new optional facility by way of Form GSTR-1A to facilitate taxpayers to amend the details in Form GSTR-1 for a tax period and/or to declare additional details. GSTR-1A will, however, have to be filed before filing of return in GSTR-3B for the said tax period.

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This will facilitate the taxpayer to add any particulars of supply of the current tax period missed out in reporting in form GSTR-1 of the said tax period or to amend any particulars already declared in GSTR-1 of the current tax period (including those declared in IFF, for the first and second months of a quarter, if any, for quarterly taxpayers), to ensure that correct liability is auto-populated in GSTR-3B.

Currently, GST taxpayers file outward supply return GSTR -1 by the 11th day of the subsequent 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.

Shardul Amarchand Mangaldas & Co Partner Rajat Bose said this is a positive change recommended by the council from a compliance perspective and will facilitate ease of doing business.

Abhishek Jain, Indirect Tax Head & Partner, KPMG, said allowing revision of filings made in GSTR-1 is a good move to rectify clerical and inadvertent errors before the payment of taxes and curtailing unwarranted notices for reconciliation of disclosures in GSTR-1 and payment of taxes vide GSTR-3B.

"It'll be interesting to see the mechanism for a population of GSTR-2B for the recipient and the time gap available to the recipient for reconciling credits," Jain added.

BDO India Indirect Tax Partner Maulik Manakiwala said the introduction of Form GSTR-1A to report particulars which were missed during the submission of GSTR 1 indicates that through proactive consultation with industry, the government's intention is to simplify GST law and ease compliances for the assessee.

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The GST Council also recommended that taxpayers having aggregate annual turnover up to Rs two crore are exempt from filing annual returns in form GSTR-9/9A for the FY 2023-24.

2024-06-23T13:25:40Z dg43tfdfdgfd