- The Indian government is developing pre-filled consolidated GST return forms, similar to the Annual Information Statement (AIS) used by the Income Tax Department. The new forms will allow taxpayers to view all their transaction details and e-invoices to determine their exact tax liabilities.
- The Central Board of Indirect Taxes and Customs (CBIC) is creating the consolidated pre-filled form, which will also include an e-verification feature to correct any data discrepancies before filing the return.
- The new system is expected to reduce litigation, improve compliance, and enhance ease of filing GST returns. It is expected to launch by the end of the year and will reduce the time and cost of e-filing by 60%.
- In recent months, the department has worked on capturing more data from taxpayers, including syncing financial data from banks and automated scrutiny and sharing of data from the income tax department.
- The GSTN will be integrated with the country’s financial data sharing network, Account Aggregator, before July 1.
Source a2ztaxcorp
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