The plan to introduce the e-invoicing regime from October 1 will not be postponed. This was revealed by GST Network (GSTN) CEO Prakash Kumar at Friday’s BusinessLine Knowledge Series webinar on ‘GST: Is it Really Good and Simple?’
While large companies are ready for this change, small and medium enterprises are not. This had raised hope that the new regime would be postponed.
Get access to premium Portfolio content for 14 days
Kumar also said the GSTN, the IT backbone of the indirect tax system, will, from November, auto-populate the GSTR-3B returns of taxpayers. “The aim is, from November month returns filed in December, GSTR-3B will be auto-populated. First, we are doing this for monthly tax filers. The entire tax-paying community will be covered after that,” he explained.
Over one crore assesses are eligible to file GSTR 3B returns every month, which shows how much tax has been paid actually after deducting the Input Tax Credit (ITC). GSTR-1 is a monthly return (it can also be filed quarterly) on the outward supply statement and shows the quantum of liability. It is alleged that some assesses over-report ITC, which in turn results in lower tax payment.
GSTN recently started to generate GSTR-3B based on the GSTR-1 filed, Kumar said, adding that for two months PDF documents would be given to taxpayers so that people can check and inform the authorities of any error in the process or computation of tax or the ITC.
XaTTaX is Best GST Software, Simplify your Financial matters with GST eFiling Software for Return Filing & GST Billing Software in India.
- Automate Invoicing and get Paid Faster
- Integration with all popular accounting software
- Manage your GST and E-WayBill Software anytime anywhere using multiple devices
Get Our GST Software DEMO and E-WAY BILL DEMO for FREE