Mumbai, Oct. 27 -- The Finance Ministry will invite comments from businesses on proposed changes to monthly Goods and Services Tax (GST) return forms from November 1, a senior official said. The amended forms are intended to improve reconciliation between information submitted in different GST returns and reduce discrepancies.
Gaurav Singh, Commissioner of the GST Policy Wing at the Central Board of Indirect Taxes and Customs (CBIC), said the department would also work towards streamlining the GST audit process. The revised forms will be placed on the MyGov portal for public consultation on November 1, with businesses able to submit comments until November 30.
The 57th GST Council meeting, comprising the Union and state finance ministers, approved an alternate mechanism for amending liabilities and input tax credit (ITC) in GST returns. The mechanism is intended to minimise mismatches and reduce the notices and intimations issued to taxpayers.
The Council also approved enhancements to Forms GSTR-1, GSTR-1A and the Invoice Furnishing Facility (IFF). These changes are designed to enable better reconciliation of the details furnished through those forms with information reported in the monthly tax payment return, GSTR-3B.
The amended GST return form is scheduled to apply from April 1, 2027. Notifications and circulars relating to decisions taken at the Council meeting on October 8 have been vetted by the Law Department and are scheduled to be placed in the public domain on Friday.
Singh said resolving integrity issues in the ITC chain could support further GST reforms. He also said the audit system needed review so that taxpayers did not face harassment, noting that businesses operating in more than one state currently face multiple audits by GST authorities in those states.
Published by HT Digital Content Services with permission from Construction World.