The Government of India is planning in improving the current GST Return filing process into a newly remodeled variant rather than developing a completely new design for it and according to the official’s statement “This move of the government is mainly aiming at making the compliance process much easier.”
The IT department of the GST Network is continuously working on this prevailing return system’s improvement. The New Versions announcement is assumed to be very soon. They are preparing for introducing GSTR-2B which will be containing the pieces of information like Input Tax Credit (ITC) available and the ITC unavailable, also the summarized details of ITC aligned with GSTR-3B, and it will be generated as a static statement every month. The linking of data of GSTR-2A/2B & ICEGATE with GSTR-3B would take place for better ITC management.
The existing Form GSTR-1 that has the details of outward supplies in future will become more detailed, and delinking of credit and debit notes with invoices shall also take place.
The New Features like Matching Tool will be made available for comparison of GSTR-2B with taxpayer’s purchase register and also a Communication of Channel between buyer and supplier for missing invoices will be developed, improvements of comparison table of liability and ITC will become available.
The E-Invoicing which means reporting the details of specified GST documents to a Government-notified portal and obtaining a reference number and it also does not mean the generation of invoice by a Government Portal has become mandatory to those taxpayers who have an Aggregate Turnover (based on PAN) in a previous financial year more than Rs.500 Crores which is to start being implemented form October 1, 2020.
With Warm Regards,
CL Bureau
