New Delhi. There is an important news for traders across the country who file GST returns. The Finance Ministry has notified the GSTR-1A form, which will give taxpayers the option to amend the outward supply or sales return form.
The GST Council last month recommended providing a new optional facility through the GSTR-1A form to allow taxpayers to amend details and/or declare additional details in the GSTR-1 form for a tax period.
However, GSTR-1A has to be filed before filing returns in GSTR-3B for this tax period. The Finance Ministry notified the GSTR-1A form on July 10. Rajat Mohan, Executive Director, business consultancy firm Moore Singhi, said that the Central Board of Indirect Taxes and Customs (CBIC) has significantly enhanced the GST compliance framework with the optional facility of GSTR-1A form.
These will be the benefits
He said, “By providing the facility of timely correction, Form GSTR-1A ensures that the correct tax liability is auto-populated in Form GSTR-3B, thereby reducing errors and leading to a streamlined compliance process.”
Abhishek Jain, Head of Indirect Tax and Partner, KPMG, said that the provision to allow correction in GSTR-1 is a welcome move. This will help businesses to prevent unwanted disputes (especially inadvertent errors) arising on regular matching between GSTR-1 and GSTR-3B.
Taxpayers with annual turnover up to Rs 5 crore can file GSTR-1 within the 13th day of the end of the quarter, while GSTR-3B is filed between the 22nd and 24th day of the next month. Let us tell you that the GST Council makes changes from time to time regarding the Goods and Services Tax in its meetings. In this, the interests of the customers as well as the traders are also kept in mind.
