New Delhi: In its meeting next month, the GST Council is expected to propose modifying the summary return and monthly tax payment form, GSTR-3B, with the goal of detecting bogus input tax credit claims and expediting the settlement of genuine ones, an official said.
The updated form, according to officials, will clarify the gross input tax credit (ITC) due to the taxpayer, the amount claimed in a given month, and the net amount remaining in the taxpayer's ledger.
A meeting of the GST Council, the highest decision-making body on the GST matter, is expected to take place next month. The new form will aid in the detection of fraudulent ITC claims and ensure that honest taxpayers receive the benefit on time. "The GST Council's law committee is looking on streamlining the GSTR-3B to provide more clarity on ITC disclosure. The Council is anticipated to consider the updated GSTR-3B at its next meeting " the official added.
Revenue Secy says SC Ruling Unlikely to impact the one-nation-one-tax regime
Many states consider cutting VAT on petrol, diesel after Centre cuts excise duty
Relief from inflation! 4 big announcements made from gas cylinders to farmers