GST: Govt may launch Annual Returns in next Council Meet

GST Returns

The Central Government is likely to launch annual GST returns form for the filing of the Goods and Services Tax in the next meeting of the GST Council, reports said.

Reportedly, the Government is drafting the form to help the revenue department collect additional data from taxpayers. Sources in the finance ministry informed the form has to be filed additionally along with the existing monthly GSTR-3B.

This comes after finance ministry complained of not enough information being shared by taxpayers in the monthly GSTR forms. The new annual form will seek all business details to help the government maintain the invoice-wise database.

The return form will help the government with invoice matching thus aiding in cross-checking returns to avoid tax evasion. The form will also be useful in checking any wrong claims of credit and refunds, said reports.

The last Council meeting held through video conference in May had approved a simplified form for GST returns.

The 27th meeting also approved principles for filing of new return design based on the recommendations of the Group of Ministers on IT simplification.

According to media reports, the council is also likely to take up the possible inclusion of natural gas in the indirect tax regime during its next meeting.

 

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