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  3. Govt allows businesses to rectify mistakes in monthly returns under GST regime

Govt allows businesses to rectify mistakes in monthly returns under GST regime

02 Jan 2018 Evaluate

In a move that will help the worried businesses still finding difficulty with the new tax regime and to file correct returns without fear of penalty, the government has relaxed norms for rectification of returns under Goods and Services Tax (GST) regime. The Finance Ministry has allowed companies and businesses to rectify mistakes in their monthly returns - GSTR-3B - and adjust tax liability under GST. With this, companies-businessmen will get the opportunity to claim tax credit correctly after rectifying the mistakes made initially while computing GST liability.

After the implementation of GST from July 1, 2017 in the country, the companies were having difficulty in assessing the tax liability correctly. Industry organizations were demanding relaxation in the rules and simultaneously simplifying compliance provisions, as this will ease the adoption of the new system of tax filing companies online.

In order to improve the procedure, the Central Board of Excise and Customs (CBEC) has said that , as return in Form GSTR-3B does not contain provisions for reporting of differential figures for past month(s), the said figures may be reported on net basis along with the values for current month itself in appropriate tables. It said while making adjustments in the output tax liability or input tax credit, there can be no negative entries in GSTR-3B.

CBEC also said that the amount remaining for adjustment, if any, may be adjusted in the returns in Form GSTR-3B of subsequent months and, in cases where such adjustment is not feasible, refund may be claimed. It further said that GSTR-3B, initial summarised return, has to be filed by businesses by 20th day of every month for the previous month showing details of taxes paid. It added that where adjustments have been made in Form GSTR-3B of multiple months, corresponding adjustments in Form GSTR-1 should also preferably be made in the corresponding months.

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