Businesses must brace for a new trend that is set to define Goods and Services Tax (GST) return filings pre-filled forms and higher transparency requirement.
Rolling out the self-policing measures that the technology driven indirect tax system is capable of is gathering pace with the GST Council on Monday clearing key changes to the return filing process.
As per the latest changes, the monthly tax returns of businesses giving summary of all transactions in form GSTR 3B will be automatically populated from the details given in the sales returns of the company as well as that of all its suppliers filed earlier in the month in form GSTR 1. These changes would be effective from 1st January 2021. For small businesses that file returns on a quarterly basis, this would come into effect from 1st April next year.
To enable this shift, filing of monthly sales returns in GSTR 1 form will be mandatory by 13th day of every month. GST laws will be amended to make this new return filing procedure the default system, an official statement had said on Monday.
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