The Goods and Services Tax Network (GSTN) has announced some simplification in the GSTR-3B before the much-needed overhaul of the returns system which is expected to be decided upon soon. Here's what changed in the GSTR-3B form.
The Goods and Services Tax Network (GSTN) has announced some simplification in the GSTR-3B before the much-needed overhaul of the returns system which is expected to be decided upon soon. Now, you will be able to will now be able to see input tax credit balance on the return forms — a problem faced by many taxpayers while its utilisation and computation.
According to the GSTN, the current balance of ITC and cash registers are shown on the top of the screen, followed by tax head-wise liability, suggested ways to utilize ITC, and the balance amount to be paid in cash are shown in a single view of a table. The interface and designing of the GSTR-3B have also been improved.
The new feature also allows editing of the IT utilisation. Along with that the amount required to be paid, once the IT utilisation has been made, automatically gets changed. The challan, which is currently filled manually with the amount to be paid in cash has been digitised too.
Besides these operational changes, it is expected that the government will altogether announce a complete overhaul of the returns filing process. After the GST Council meeting last month, Finance Minister Arun Jaitley gave a glimpse of what they were planning to do. He said that the discussions at the meeting on returns simplification culminated in a direction.
He said the council is considering various simplification options and one of them is to go ahead with just the GSTR-3B form, along with a system to upload suppliers invoices. This system proposes to subsume GSTR-1, GSTR-2 and GSTR-3. He said that if any problem arises on the account of suppliers invoice, clarification can always be sought.
According to media reports, the GST Council is expected to meet in coming couple of weeks, however, the date has not been finalised yet. The GST Council has finance ministers from different states as GoM, who along with Arun Jaitley and GSTN officials brainstorm of key decisions related to the GST.