As the Goods and Services Tax (GST) turns four months older, the Central Government has decided to review at least three return filings under GST every month with a view to minimizing the confusions and complains of tax payers.
At present, for every month all businesses have to file returns in GSTR-1, GSTR-2 and GSTR-3 forms for claiming input tax credit and monthly return.
Reportedly, the Government may review the norms to file GSTR-1, 2 and 3 and the due date for filing GSTR-3B may be extended beyond December.
The final GST returns are to be filed by submitting form GSTR-1, 2 and 3. Businesses have filed GSTR-1 return, which is the sales returns, for the month of July and over 47 lakh businesses have filed it.
These sales returns will have to be matched with the purchase invoice to be filed in GSTR-2. So far over 21 lakh businesses have filed July GSTR-2 and the due date for filing has been extended by a month to November 30.
After matching of GSTR-1 and 2, the businesses will have to file July GSTR-3, the last date for which is December 11.
The invoice matching is important under the GST regime to check tax evasion and the government may take initiative to know whether the system works properly or not and make awareness to all tax payers.
