In the hope of bringing user-friendly changes to taxpayers and reducing litigation related to indirect taxes, the Center is considering allowing taxpayers to file revised Goods and Services Tax (GST) returns.
For income tax filers this provision is already available. Right now, you can’t submit revised returns under GST, only small changes in invoice details are allowed. Many organizations and industry groups have asked for this feature to be added.
An official stated that if GST returns could be updated, it would make the return filing process easier and decrease legal disputes. This is especially true in cases where the taxpayer didn’t intend to avoid tax but made a mistake in calculations or forgot to provide some information.
The Central Board of Indirect Taxes and Customs (CIBIC) is finalizing the details of the proposal, which will be considered by the Law Committee of the GST Council.
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The proposal will ultimately be sent to the GST Council. This provision may be introduced initially for annual returns and then its scope may be extended to include quarterly returns.
If the proposal is approved, the GST network will require a major upgrade. A GSTN official said that if everything goes well, the Center will be able to enforce the new facility by April 2025.
Some sources stated that the GST return form needs to be updated regularly to match the financial changes. This includes modifying the yearly return form to show the altered input tax credit reporting that applies to the monthly return. Information should be collected and checked immediately. Companies should have the ability to change all parts of the automatically filled return.
Tax authorities have sent approximately 33,000 GST notices to businesses for discrepancies in filed returns and short payment of taxes in the 2017-18 and 2018-19 financial years.
Finance Minister Nirmala Sitharaman stated on December 4 that the average monthly total collections for this financial year have been Rs 1.66 trillion. She mentioned in the Lok Sabha that the GST collections have exceeded Rs 1.50 trillion each month of this financial year, and in April 2023, they reached a record-breaking Rs 1.87 trillion.
