Major Data Gaps between Self-declared Liability in FORM GSTR-1 and FORM GSTR-3B: GST Council recommends Adequate Action
In the 26th meeting held here today, the GST Council has been apprised of the fact that CBEC and GSTN have started detailed data analytics across a number of data sets available with them. The outcome of preliminary data analysis has revealed interesting insights: It has emerged that there is variance between the amount of IGST & Compensation Cess paid by importers at Customs...
In the 26th meeting held here today, the GST Council has been apprised of the fact that CBEC and GSTN have started detailed data analytics across a number of data sets available with them.
The outcome of preliminary data analysis has revealed interesting insights:
- It has emerged that there is variance between the amount of IGST & Compensation Cess paid by importers at Customs ports and input tax credit of the same claimed in GSTR-3B.
- There are major data gaps between self-declared liability in FORM GSTR-1 and FORM GSTR-3B.
It was deliberated that this information may be further analysed and adequate action may be initiated accordingly.
