GST: Finance Ministry seeks opinion from traders and general public for simplification of monthly tax payment form
You will have to give your opinion before 15th September
The Finance Ministry has been making every effort to simplify the process of GST. Till now the rules of GST have been changed many times and now once again the ministry has issued a paper seeking suggestions for changes in the monthly GST payment form, in which traders have been asked to give suggestions by 15 September.
The GST Council, in its meeting last month, had recommended that changes in GSTR-3B or monthly tax payment form be placed in the public domain for seeking inputs and suggestions from stakeholders. In this regard, the Ministry issued a notification saying “General public and business at large are hereby informed that a detailed concept paper on comprehensive changes in Form GSTR-3B is enclosed. All members of the business/stakeholders are requested to That kindly submit your views/comments/suggestions on the concept paper by 15th September 2022.”
Abhishek Jain, Tax Partner, KPMG in India, said that GSTR-3B is a return form containing a summary of outward and inward supplies for a particular month. Jain further explained that the paper takes into account various suggestions from both taxpayers and administrators, including auto-population and amendments in GSTR 3B.
AMRG & Associates Senior Partner Rajat Mohan said the proposed changes would ease compliance for taxpayers and prevent revenue leakage for tax administrators. On demand from trade and industry, the new GSTR-3B may allow revision, reporting of negative values and clarify the manner of reporting ineligible input tax credit.
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