Pune: As traders and businesses are busy with filing the first set of returns under the new Goods and Service Tax (GST) regime, many are still unaware that the government has given them a provision to make amendments to the returns filed under the GSTR-3B form last month.
In a notification dated September 1, the government has provided traders and businesses the chance to make corrections during the GSTR-1 and GSTR-2 filing.
The notification titled ‘Correction of erroneous details furnished in Form GSTR-3B’ stated, “If outward supply is under or over reported, the same may be correctly reported in GSTR-1. If details of inward supply or eligible ITC is misreported, it can be entered correctly in GSTR-2. This will get reflected in the revised output tax liability or eligible ITC. The details furnished in both these forms will be auto-populated and reflected in the returns in GSTR-3 for that particular month.”
According to sources, many persons had faced difficulties in filing the GSTR-3B summary returns, mainly the ‘TRAN-1’ form, as until now, most persons were used to the challan system.
Many had also faced issues as they did not know how to make amendments in the particulars filled in the returns. The news of the provision of making amendments has brought relief to many such persons.
While the deadline for the filing of outward supplies for July under form GSTR-1 was September 5, the government has extended it to September 10, giving people the opportunity to rectify any mistakes made in the GSTR-3B. Meanwhile, the filing of inward supply returns or claim ITC under form GSTR-2 can be done between September 6 to September 10. Sources speculate that this deadline too may be extended.
Speaking on the GSTR-3B return filing, Vinod Parmar from Vayana Network said, “As per recent reports, GST collected in July is Rs 92,283 crore, exceeding government’s internal target of tax collection for July. Sixty four per cent of the total registered taxpayers have already filed GST returns for July, but for tax collection amount to increase, more compliance is required. The amount may be different since many companies faced issues with filling TRAN-1 form for availing transitional credit and were not able to file for input tax credit.”
He said that they are positive that the trend of tax filing will improve over time. “Currently, the number of returns filed may seem low, since only summary returns were filed this time.
There will be a late GST filing penalty of Rs 100 per day for CGST and SGST each, for businesses who haven’t paid the GST yet. Vayana Network is positive that the trend of tax filing will improve in the coming months when businesses get used to this new taxation system and the process starts working like a well oiled machine,” Parmar said.