GST Council meeting will be held next week, changes in monthly GST payment form may be approved

The GST Council will consider the changes in the monthly GST payment form.

GST Council Meeting: With these changes, the need to provide information on behalf of the user in GSTR-3B will be minimized and the process of GSTR-3B filing will also be simplified.

GST Council (GST Council) may consider the proposal to make changes in the monthly tax payment form GSTR-3B in its meeting to be held next week. This will include supply data and tax payment tables related to auto sales returns, which cannot be changed. This step will help in curbing counterfeit bills. In fact, sellers show more sales in GSTR-1, so that buyers input tax credit ,ITC) but show short sales in GSTR-3B so that the GST liability remains low.

In the current GSTR-3B for taxpayers, input tax credit statements are generated automatically based on B2B (between companies) supplies. In this, discrepancies found in GSTR-1 and 3B are also highlighted.

proposed these changes

According to the changes proposed by the Law Committee of the GST Council, the auto calculation of values ​​from GTSR-1 will be done in GSTR-3B, thus making it more clear for taxpayers and tax officials.

An official said that with these changes, the need to provide information on behalf of the user in GSTR-3B will be minimized and the process of GSTR-3B filing will also be simplified.

GST Council to approve 6th e-invoice generation portal

The government is increasing the number of portals for registering e-invoice from just one to six. Its approval can be obtained in the meeting of the Goods and Services Tax (GST) Council next week. This decision has been taken to prevent leakage in indirect tax collection. The portal is the latest step in expanding the scope of e-invoicing.

Let us inform that in 2020, e-invoicing was made mandatory for companies with revenue of Rs 500 crore. With effect from April 1, 2022, electronic invoicing has become mandatory for businesses with a turnover of more than Rs 20 crore.

Taxpayers will have the option to choose between IRPs. The government wants to ensure that in case of any disturbances or challenges in long queues, the load is balanced across the six portals. The government plans to extend it to all entities and B2C transactions.

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Private e-invoice portals will have to compulsorily provide free e-invoice registration service to the business, they may be allowed to provide additional services to the customers for a fee.