Taxpayers may be allowed to file revised GST returns from april 2025: The government is considering allowing filing of updated or revised returns underthe goods and services tax (GST),.a move expected to benefit taxpayers and also bring down litigationunder the indirect tax regime. Asper the proposal, taxpayers willbe able to rectify their returns including computation of tax,has learnt. “We are looking at allowing updated returns underGST,’ a senior government official told ET. At present there isno provision for filing revisedreturns under GST, barring minor corrections in the invoicedetails uploaded on the portal.Industry has been demandingthis facility and a petition inthis regard is before the Supreme Court. The facility is already available under Income Tax.”This will add immensely tothe ease of filing return and reduce litigation where the intentis not to evade tax and a taxpayer has either miscalculated ormissed out on a detail,” the official cited above added.
The Central Board of Indirecttaxes and Customs will soonprovide the details that willathen be taken up by the law committee of GST council and thenthe council it self.
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Thefacility may be initially introduced for yearly returnsthen expanded to quarterlyones. It would take at least 8-9months post GST Council approval for implementation as would require a significant upgrade of the GST Network.
The GSTN will entrust. thetask to the next technology vendor for the GST portal as thecontract of the current serviceprovider Infosys will end onSeptember 30, 2024.
“If everything goes smoothlywe will be able to implement thenew facility by April 2025,” anofficial from GSTN said.
Experts say hundreds and thousands of GST-registered persons and GST-registered dealers often make natural humanerrors which can be corrected
if an option for revised returnsoption is made available alongwith pre-filled returns.
“While the proposal would behelpful for businesses, it is essential to ensure that the data is picked upon real time basis, validated
TIME FRAME
It would take at least 8-9months post GST Councilapproval for implementation as it requiresa keyupgrade of GST Network
and Businesses should be able toedit all fields in the auto populated returns and tax payment computations should be based on thedata populated by business,” MSMani, Tax Partner, Deloitte said.
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