The Goods and Services Tax (GST) Council in its meeting in June is expected to propose to revise the summary return and monthly tax payment form, GSTR-3B – to detect and settle bogus Input Tax Credit (ITC) claims According to an official with the goal of accelerating that of real people. According to officials, the updated form will clarify the gross input tax credit (ITC) payable to the taxpayer, the amount claimed in a given month and the net balance in the taxpayer’s ledger. The meeting of the GST Council, the apex decision-making body on the GST matter, is expected to be held in June.
GSTR-3B, One Monthly GST The payment form and summary statement are to be filed in three parts on 20th, 22nd and 24th of every month for different taxpayer categories.
“The Law Committee of the GST Council is contemplating to streamline GSTR-3B to bring more clarity on disclosure of ITC. The revised GSTR-3B is expected to be tabled in the next council meeting,” the official said. ,
According to Rajat Mohan, Senior Partner, AMRG & Associates, the amendment in the monthly tax payment form will help identify taxpayers who are claiming ineligible tax credits. He said accurate reporting of gross tax credits would help eliminate delays in tax revenue sharing between the federal government and states.
“The new form will bring about changes in reporting of gross tax credits by financial institutions including banks and NBFCs, oil and gas sector companies, extra-neutral liquor manufacturing, public transport services, health and educational services,” Mohan said.
A Group of State Ministers unanimously agreed to increase the GST rate on casinos, race courses and online gaming to 28%, as well as formulate a method for evaluating these services for the purposes of levying this tax. Casino, horse racing and online gaming services are currently subject to 18% GST. The mechanism of evaluation of services will be decided by the GoM.