The Central Board of Indirect Taxes and Customs (CBIC) is considering introducing pre-filled consolidated GST return forms, similar to the Annual Information Statement (AIS) used by the Income Tax department. The move is aimed at reducing the compliance burden on taxpayers and improving the ease of filing GST returns.
The consolidated pre-filled form, being readied by Central Board of Indirect Taxes and Customs (CBIC), will also come with an e-verification feature to settle any discrepancies in data ahead of the filing of return, reducing the scope of any error.
The facility, expected to be launched by the end of this year, will reduce litigation, will further improve compliance and will enhance ease of filing GST returns without hassles of uploading so many documents, officials said.
"Automation in filing is already happening and by November we expect the launch of a consolidated AIS like feature for the GST taxpayers also," a senior official said.
Currently a regular business needs to file three returns – GSTR-1 and GSTR-3B on monthly and quarterly basis, depending on their turnover and an annual GSTR-9 form. While some forms already have pre filled data, it is not synchronised and the taxpayers have to match all details around purchases, sales, refund claims or demand created separately to avail input tax credit.
The official added that the facility is expected to reduce the time and cost of e filling by 60%.
The introduction of pre-filled GST return forms is a welcome move. It will reduce the compliance burden on taxpayers and improve the ease of filing GST returns. This will encourage more businesses to register for GST and comply with the law. It will also help to boost tax collection and improve the government's finances.
Here are some of the benefits of pre-filled GST return forms
- Reduced compliance burden: Taxpayers will no longer have to manually enter all the information required to file GST returns. This will save them time and effort.
- Improved ease of filing: The pre-filled system will make it easier for taxpayers to file GST returns. They will not have to worry about making mistakes or missing any important information.
- Increased compliance: The pre-filled system will encourage more businesses to register for GST and comply with the law. This will help to boost tax collection and improve the government's finances.
Overall, the introduction of pre-filled GST return forms is a positive step. It will make it easier for taxpayers to comply with the law and boost tax collection.
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