- The government is considering introducing a revised GST return filing option by April 2025.
- The revised filing option aims to benefit taxpayers by allowing rectification of returns and reducing litigation.
- Currently, taxpayers face limitations in revising GST returns, but the proposed revision would empower taxpayers to rectify their returns.
- Industry stakeholders have long advocated for this provision, and a petition on the matter is already before the Supreme Court.
- The Central Board of Indirect Taxes and Customs is working on the specifics, which will undergo scrutiny by the law committee of the GST Council and then by the council itself.
- The facility may be initially implemented for yearly returns and later extended to quarterly filings.
- The entire process, post-GST Council approval, is estimated to take 8-9 months and will require a substantial upgrade to the GST Network.
- The GST Network will engage a new technology vendor for the GST portal.
- Experts emphasize the importance of timely updates to GST return forms and the need for reflecting changes in the fiscal landscape.
- Businesses could benefit from the option of revising returns, particularly when coupled with pre-filled returns.
- Real-time data processing, validation, and the ability for businesses to edit all fields in auto-populated returns are necessary for the revised filing process to be accurate and reliable.
Source: taxscan.in
Note that this post was (partially) written with the help of AI. It is always useful to review the original source material, and where needed to obtain (local) advice from a specialist.
