Blog

The finance ministry on Friday released a paper suggesting changes in the monthly goods and services tax (GST) payment form and sought industry comments by September 15.

The GST Council, in its meeting last month, had recommended that the changes in GSTR-3B or the monthly tax payment form be placed in public domain for seeking inputs and suggestions from stakeholders.

“Accordingly, general public and the trade at large are hereby informed that a detailed Concept Paper on comprehensive changes in FORM GSTR-3B is enclosed. All members of trade/stakeholders are requested to kindly furnish their views/comments/suggestions on the Concept Paper latest by 15th September 2022 at gstpolicywing-cbic@gov.in so as to facilitate finalisation of the matter,” the ministry said.

Abhishek Jain, Tax Partner, KPMG India, said GSTR-3B is a return form capturing the summary of outward and inward supplies for a particular month.

The paper takes into consideration various suggestions of both taxpayers and administrators, including auto-population and amendment in GSTR 3B, said Abhishek.

Rajat Mohan, Senior Partner, AMRG & Associates, said the proposed changes would facilitate ease of compliance for taxpayers and arrest revenue leakage for tax administrators.

On the demand of trade and industry, new GSTR-3B may permit amendment and reporting of negative values and clarify manner of reporting ineligible input tax credit.

On the other hand, the tax administration has demanded auto-population of values from GSTR-1 into GSTR-3B in specific rows, restricting the editing of values auto-populated in GSTR-3B from GSTR-1 and creating a distinction between permanent and temporary ITC reversal, according to Rajat.