The amendment to the summary return and monthly tax payment form GSTR-3B may be considered in the next month’s meeting of the GST Council. Giving this information, an official said that changes are being considered in the GSTR-3B form to check bogus Input Tax Credit (ITC) claims and speedy disposal of genuine cases. According to officials, the revised form will provide clarity to the taxpayer with respect to the gross input tax credit (ITC), the amount claimed in a particular month and the balance in the books of the taxpayer.
Full possibility of meeting next month
The GST Council, the apex decision-making body on Goods and Services Tax (GST) matters, is likely to meet next month. An official said, the revised form will go a long way in curbing bogus ITC claims and helping honest taxpayers to avail ITC faster. The Law Committee of the GST Council is contemplating to streamline GSTR-3B to bring more clarity on ITC disclosures, the official said. The issue of amendment in Form GSTR-3B is expected to be taken up in the next meeting of the Council. GSTR-3B is an acronym and form related to monthly GST payment. This form is filled by different categories of taxpayers on 20th, 22nd and 24th of the month.
So far, many such cases have come to the fore in the country in which tax evasion of crores was done by creating fake bills and using input tax credit. Action is also going on when many cases are caught. In view of this, now the government has decided to make changes in the form itself. It will not be possible to evade tax under the guise of this input credit.