The finance ministry released a paper on Friday that suggested adjustments to the monthly GST payment form and requested feedback from the industry by September 15.
The GST Council in its meeting last month recommended that the changes in GSTR-3B or monthly tax payment form be placed in public domain for seeking inputs and suggestions of the stakeholders. "Accordingly, general public and the trade at large are hereby notified that a detailed Concept Paper on comprehensive modifications in FORM GSTR3B is enclosed. All members of trade and stakeholders are requested to kindly furnish their views, suggestions or comments on the Concept Paper latest by 15th September 2022 at gstpolicywing-cbic@gov.in so as to facilitate finalization of the matter," the ministry said.
Tax Partner, KPMG in India, Mr. Abhishek Jain 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, he added.
AMRG & Associates Senior Partner Rajat Mohan said the proposed modifications 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, reporting of negative values, and clarify manner of reporting ineligible input tax credit.
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