FinMin seeks industry views on changes in monthly GST payment form

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The Finance Ministry on Friday issued a paper proposing changes to the monthly payment form for Goods and Services Tax (GST) and seeking industry comments by September 15.

The GST Board at its meeting last month recommended that changes to the GSTR-3B or monthly tax payment form be put into the public domain to get input and suggestions from stakeholders.

“Accordingly, the general public and commerce at large are hereby notified to attach a detailed concept paper on the overall changes in Form GSTR-3B. All members of commerce/stakeholders are requested to provide their opinions/comments/suggestions on the concept paper, the latest by the 15th,” the ministry said. September 2022 at [email protected] to facilitate completion of this matter.

Abhishek Jain, Tax Partner, KPMG in India said the GSTR-3B is a return form that captures a summary of outbound and inbound supplies for a given month.

Jain added that the paper takes into account various proposals for both taxpayers and officials, including an automatic census and an amendment to GSTR 3B.

Rajat Mohan, senior partner at AMRG & Associates, said the proposed changes would ease compliance for taxpayers and stop revenue leakage for tax administrators.

At the request of commerce and industry, the new GSTR-3B may allow adjustment and reporting of negative values ​​and clarify the method for reporting a non-eligible input tax credit.

On the other hand, the IRS required automatic grouping of values ​​from GSTR-1 through GSTR-3B into specific rows, restricted editing of values ​​that are automatically filled in GSTR-3B from GSTR-1 and created a distinction between permanent vs. “temporary reverse of ITC.” Mohan added.