During the GST Council meeting held on Saturday, there was a demand to allow the modification and/or declaration of additional details in Form GSTR-1. In response to this, the Finance Minister has provided significant relief to GST taxpayers by introducing the option to amend the GSTR-1 form.
New Delhi: The Goods and Services Tax (GST) Council has provided significant relief to taxpayers. GST taxpayers can now make changes to the outward supply or sales return form GSTR-1 before making their monthly or quarterly tax payments. The GST Council meeting was held on Saturday under the leadership of Finance Minister Nirmala Sitharaman.
During the meeting, there was a demand to allow modifications and/or declarations of additional details in Form GSTR-1. Following this, the Finance Minister has granted considerable relief to GST taxpayers by introducing the option to amend the GSTR-1 form. However, before filing returns for the said tax period in GSTR-3B, taxpayers must submit GSTR-1A.
Big relief to taxpayers
With this new option, taxpayers will be able to add details of supplies from the current tax period that were missed in the original GSTR-1 filing or modify previously declared details in the current period’s GSTR-1. Currently, GST taxpayers submit their outward supply return GSTR-1 by the 11th of the following month. Now, taxpayers with an annual turnover of up to 5 crore rupees can file quarterly GSTR-1 returns by the 13th day after the end of the quarter.
Experts said this
According to Rajat Bose, a partner at Shardul Amarchand Mangaldas & Co., the Council’s decision is a positive change from a compliance standpoint. Abhishek Jain, Head of Indirect Tax and partner at KPMG, also praised the move. He noted that permitting amendments in GSTR-1 filings before tax payments is beneficial, as it helps rectify clerical and unintentional mistakes and reduces unnecessary notices by aligning GSTR-1 disclosures with GSTR-3B tax payments.
This was also suggested in the meeting
In the GST Council meeting, it was also suggested that taxpayers with a total annual business turnover of up to 2 crore rupees be exempted from filing the GSTR-9/9A annual return forms for the financial year 2023-24.
