GST Council Eases Filing Process with New Form GSTR-1A

The GST Council has introduced Form GSTR-1A, allowing taxpayers to amend their sales return forms before paying taxes. This new facility aims to ensure accurate liability reporting and ease the tax filing process. Additionally, taxpayers with annual turnover up to Rs two crore are exempt from filing annual returns for FY 2023-24.

The GST Council has introduced a significant change to the tax filing process by unveiling Form GSTR-1A, which provides taxpayers with the option to amend their outward supply or sales return forms before tax payment. This new facility aims to facilitate amendments or additions to the details in Form GSTR-1, ensuring accurate liability reporting in GSTR-3B.

Form GSTR-1A must be filed before submitting the return in GSTR-3B for the respective tax period. Taxpayers can now correct or add missing particulars from the current tax period in their GSTR-1 submissions, streamlining the tax compliance process.

Experts like Rajat Bose from Shardul Amarchand Mangaldas & Co and Abhishek Jain from KPMG have hailed the move as a compliance-friendly step that will ease the burden on businesses and reduce clerical errors. The council also announced that taxpayers with an annual turnover up to Rs two crore need not file annual returns for FY 2023-24.

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