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Pre-filled GST returns to become norm from 1 Jan
PrintPre-filled tax forms and greater transparency requirements are coming to businesses in 2021, with the Goods and Services Tax (GST) Council clearing key changes to the return filing process on Monday.
Monthly GST returns of businesses giving summary of all transactions in the GSTR 3B form will be automatically populated from the details given in the sales returns of the company, as well as its suppliers filed earlier in the month in form GSTR 1. This will take effect on 1 January 2021. For small businesses, which file returns on a quarterly basis, it will take effect on 1 April.
To enable this shift, filing of monthly sales returns in GSTR 1 form will be mandatory by the 13th day of every month. GST laws will be amended to make the new return filing process a default system, an official statement said.
Monthly GST returns of businesses giving summary of all transactions in the GSTR 3B form will be automatically populated from the details given in the sales returns of the company, as well as its suppliers filed earlier in the month in form GSTR 1. This will take effect on 1 January 2021. For small businesses, which file returns on a quarterly basis, it will take effect on 1 April.
To enable this shift, filing of monthly sales returns in GSTR 1 form will be mandatory by the 13th day of every month. GST laws will be amended to make the new return filing process a default system, an official statement said.
Category : GST | Comments : 0 | Hits : 401
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