The purpose of this change is to make the information given in the return more clear and accurate. The government wants the tax related data to be absolutely correct, so that it is easy for the tax officials to know how much business is being done in which sector. This will also help in curbing tax evasion. Also, it will be easy to match the data of e-invoice and return.

Now, Table 12 in GSTR-1 has been divided into two parts. One part will be only for B2B transactions, where it will be necessary to provide information about HSN code and unit. At the same time, the second part has been created for information about B2C transactions, but at present providing information in it has been kept optional. The government wants that traders should also fill B2C data on their own so that when it is made mandatory in the future, no one faces any problem.

However, right now this entire change is in warning mode. That means even if you do not fill any information, your return will still be filed. But it may become necessary in the future, so it would be wise to prepare for it in time.

Due to this change, some small traders faced problems in the beginning. Especially those who do only B2C business. They started getting system error while filling data even in the B2B table. The government has given a solution to this that such traders must enter HSN code and unit, but fill ‘0’ in all other value fields. This will file the return and no error will be seen.

Tax experts believe that this change will make the tax system more transparent. E-invoice will make it easier to match returns, it will be easier to catch irregularities in tax audit and trust among businessmen will also increase. Overall, the government’s aim is to strengthen the GST system on the basis of data. If businessmen start understanding and implementing these changes from now on, then they will not face any problems in the future.

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As per GST Rule 10A, a taxpayer is required to provide details of his valid bank account within 30 days of getting registration or while filing GST return for the first time or while using invoice generation facility.

Advisory issued on 23 August

In an advisory issued on August 23, the GST Network said that Rule 10A is coming into effect from September 1, 2024. In such a situation, taxpayers without a valid bank account will neither be able to file GST returns for August 2024 nor use the invoice preparation facility.

Also Read: New rules are being implemented for PPF, Sukanya Samriddhi accounts from October 1

GST Network has said that taxpayers who have not yet provided their bank account details on the GST portal should provide the bank account details in their registration details as soon as possible.

The GST Council, in its meeting held in July last year, had approved amendments to Rule 10A to strengthen the registration process and tackle the problem of fake registrations. The amendment made it mandatory to submit details of bank account with the name and PAN of the taxpayer.

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The government has given an update on the deadline for special registration and return filing for companies manufacturing and selling pan masala and gutkha. The government has extended the deadline for implementation of the special process for registration and filing of monthly returns for manufacturers of pan masala, gutkha and similar tobacco products.

Now when will we be able to file returns?

Now such companies will be able to file their returns using the old process till May 15, 2024. The Central Board of Indirect Taxes and Customs (CBIC) had earlier announced in January to implement the new registration and monthly return filing process from April 1, 2024. The move to overhaul the registration, record keeping and monthly reporting of such businesses was aimed at improving GST compliance of manufacturers of pan masala and tobacco products.

The GST law was also amended through the Finance Bill 2024. It said manufacturers of pan masala, gutkha and similar tobacco products will have to pay a fine of up to Rs 1 lakh if they fail to register their packing machinery with GST authorities from April 1.

Why was the date extended?

Through a notification, CBIC has extended the date of implementation of this special process by 45 days till May 15. Meanwhile, Moore Singhi Executive Director Rajat Mohan said that neither the GST system has issued any advisory on the new process nor any information regarding new filings has been given. As a result, the government has decided to postpone the implementation of the new process by 45 days i.e. till May 15, 2024.

The post GST Return Filing : Relief news, date for filing GST extended due to new process, no fine of Rs lakh will have to be paid first appeared on Rightsofemployees.com.

The government is making the process of filing Goods and Services Tax (GST) returns easier. Pre-filled GST return forms will arrive before the start of the new financial year. According to a senior official, this initiative of the Finance Ministry will deal with the problems of unnecessary tax notices.

Currently, the department is analyzing the additional cost of enhancing the digital infrastructure to avoid system slowdown or crashes due to extraction of data from disparate databases. The official says that we have a big problem of mismatch in data, due to which their number is increasing due to issuance of unnecessary notices. Pre-filled GST returns will improve ease of doing business as well as prevent errors in data matching.

Presently the automated checking module for GST returns sends notices to assessees with data matching gap of more than 20 per cent using data analytics and risks identified by the system. The Central Board of Direct Taxes has been using similar pre-filled forms for income tax return forms for some years. The Central Board of Indirect Taxes and Customs (CBIC) has made the technical requirement and necessary reforms in it.

GST Council approval not necessary: The department has to tell the Finance Ministry what technical information will be collected for digital infrastructure and processes. The official said that as we become more automated, this system and its response time will reduce.

We are taking data from multiple databases, which will take time. According to the official, it will initially conduct a pilot test to see how the pre-filled GST return form will work and how much time it will take. He said that the new system is for the convenience of taxpayers, for which the approval of GST Council is not necessary.

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New Delhi. The Central Board of Indirect Taxes and Customs (CBIC) has extended the deadline for filing Goods and Services Tax (GST) returns for the month of September by a day to October 21. Taxpayers had to face problems due to the slow working of the GST portal on Thursday. October 20 was the last date for filing monthly GST returns for some taxpayers.

On the slow running of the portal, CBIC had said that extension of the deadline is being considered. “The GST Council has approved the extension of due date for filing GSTR-3B Return for September, 2022 from October 20, 2022 to October 21, 2022,” CBIC tweeted on Friday.

The CBIC said that Thursday was the last date for filing GST returns for some categories of businessmen, but many taxpayers complained about the slow running of the portal, forcing them to submit their monthly GST return Form GSTR 3B. Could not fill

Earlier, the CBIC had said that they had received a complaint from the GST Network (GSTN) along with a proposal. In which it has been said that due to the slow running of the GST portal, there is a problem in filing monthly returns, so its deadline should be extended. At the same time, due to this decision of CBIC, there will be no burden of late fee or interest on the taxpayers.

Explain that in different states, taxpayers file monthly return and tax payment form GSTR-3B in different ways between 20th, 22nd and 24th of every month.

The post GST Return: Good news for small businessmen, will be able to file GST return for September till October 21 first appeared on Rightsofemployees.com.