On the grounds of the Annual information statement (AIS) feature which the income tax department utilises the government would be working on the pre-filled consolidation, GST return forms that shall permit assessees to view all their information of transactions and e-invoices to attain the precise tax liabilities.
The consolidated pre-filled form, which the Central Board of Indirect Taxes and Customs (CBIC) reads, shall arrive with an e-verification feature to settle any discrepancies in data before the return filing, reducing the scope of any error.
The same utility would be anticipated to get incorporated by the finish of the current year and shall diminish the litigations also it will rectify the compliance and shall improve the facilitation of GST returns filing without any issue of uploading additional documents.
Tax expert mentioned that “Automation in filing is already happening and by November we expect the launch of a consolidated AIS-like feature for the GST taxpayers also,”
At present a regular business is required to file the three returns GSTR-1 and GSTR-3B on a monthly and quarterly basis, relying on their turnover and the annual GSTR-9 form. But certain forms would have already pre-filled information the same would not get synchronized and the assessees would be required to match the information of purchases, sales, refund claims, or demands made separately for claiming the ITC.
The utility would be anticipated to diminish the cost and time of e-filing by 60%.
Increased Automation
The council would have worked on fetching more data via assessees in the former 6 months by diminishing the e-invoices limit, syncing their financial data from banks and NBFCs, and automated scrutiny, and sharing of data from the income tax department.
Within the countries, ambitious fiscal information sharing network account aggregator, GSTN shall get combined prior to 1st July.
