Input Tax Credit: There may be change in the monthly tax payment form, fake bills will be banned


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The GST Council may consider changes in the monthly tax payment form GSTR-3B. This will include a column of supply figures and tax payments relating to the sales return, which cannot be changed later. The next meeting of the Council will be held on 28-29 June in Chandigarh.

Changes in Form GSTR-3B will help in curbing counterfeit bills. There are times when sellers show excess sales in GSTR-1 and based on this, the buyer of goods can claim Input Tax Credit (ITC). Whereas in GSTR-3B, less sales are shown so that GST has to be paid less. In the present GSTR-3B, the details of input tax credit are generated automatically. According to officials, with this change, there will be less information on the part of the user in GSTR-3B and the process of filing will also be easier.

many changes possible
AMRG Associate Partner Rajat Mohan said that in this meeting, there may be changes in tax filing for e-commerce operators providing passenger transport services, accommodation services, housekeeping and cloud kitchen services. These companies will now be liable to furnish information on behalf of the suppliers in their GSTR-1 and GSTR-3B in separate columns. In this, companies like Uber, Swiggy and Zomato will also come under the ambit.

Council will give clarification
Along with this, the council can also give clarification in some cases. In this, the GST on the advertisement given in the souvenirs will be 5 percent or 18 percent, clarification will also come on this. 5 per cent GST is applicable on advertisements in print media and on the same basis, 5 per cent tax can be levied on souvenirs.

Expansion

The GST Council may consider changes in the monthly tax payment form GSTR-3B. This will include a column of supply figures and tax payments relating to the sales return, which cannot be changed later. The next meeting of the Council will be held on 28-29 June in Chandigarh.

Changes in Form GSTR-3B will help in curbing counterfeit bills. There are times when sellers show excess sales in GSTR-1 and based on this, the buyer of goods can claim Input Tax Credit (ITC). Whereas in GSTR-3B, less sales are shown so that GST has to be paid less. In the present GSTR-3B, the details of input tax credit are generated automatically. According to officials, with this change, there will be less information on the part of the user in GSTR-3B and the process of filing will also be easier.

many changes possible

AMRG Associate Partner Rajat Mohan said that in this meeting, there may be changes in tax filing for e-commerce operators providing passenger transport services, accommodation services, housekeeping and cloud kitchen services. These companies will now be liable to furnish information on behalf of the suppliers in their GSTR-1 and GSTR-3B in separate columns. In this, companies like Uber, Swiggy and Zomato will also come under the ambit.

Council will give clarification

Along with this, the council can also give clarification in some cases. In this, the GST on the advertisement given in the souvenirs will be 5 percent or 18 percent, clarification will also come on this. 5 per cent GST is applicable on advertisements in print media and on the same basis, 5 per cent tax can be levied on souvenirs.

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