Thu. Mar 28th, 2024
GST

The Goods and Services Tax Network 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.

According to a note prepared by PwC , GSTN has made the following key changes in the process of filing GSTR 3 B.

1. Tax payment – Earlier , a taxpayer was required to Submit the return to ascertain the tax liability amount. Post submission, no changes were allowed. Now , the tax liability to be paid in cash/ credit will be shown before submitting the return.

2. Challan generation – Tax payment challan can now be auto-generated after offsetting the input tax credit available in credit ledger. Taxpayer , however , has an option to edit the credit amount to be utilized and not to consider the system generated credit utilisation. Earlier , the assessee had to manually fill in the credit utilization amount and generate the challan.

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 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.

It also indicates that the government intends to continue with monthly GSTR-3B returns post March 2018 .