Pros and Cons of the proposed pre-filled GST return forms

The consolidated form, being readied by the Central Board of Indirect Taxes and Customs, will allow the GST-payers to view all of their transactions as well as e-invoices. The Centre is working on coming up with a pre-filled Goods and Services Tax (GST) return form on similar lines as the Annual Information System (AIS) used by the Income Tax department. The consolidated form, being readied by the Central Board of Indirect Taxes and Customs (CBIC), will allow the GST-payers to view all of their transactions as well as e-invoices. It will also come up with an e-verification feature to settle any mismatch in the data and the tax liability.

According to an official quoted in the report, the facility is expected to be launched by the end of the year. Moreover, it is expected to reduce the time and cost of e-filling the GST return by 60 percent.

"Automation in filing is already happening and by November we expect the launch of a consolidated AIS-like feature for the GST taxpayers also," the official said."

The pre-filled GST return form will contain the following details:

• Transaction details: This includes the details of all the transactions that the taxpayer has made during the reporting period. This includes the date of the transaction, the amount of the transaction, the GSTIN of the supplier or customer, and the HSN code of the goods or services that were supplied or received.
• E-invoices: The pre-filled form will also contain the details of all the e-invoices that the taxpayer has generated during the reporting period. This includes the invoice number, the date of the invoice, the amount of the invoice, the GSTIN of the supplier or customer, and the HSN code of the goods or services that were supplied or received.
• Tax liability: The pre-filled form will also calculate the taxpayer's tax liability for the reporting period. This will be done by taking into account the details of the transactions and e-invoices that are included in the form.

Taxpayers will be able to verify the details that are included in the pre-filled form. If they find any errors, they will be able to correct them before filing the return.

The pre-filled GST return form is a welcome development for taxpayers. It will make it easier and faster for them to file their GST returns. This will free up their time and resources so that they can focus on running their businesses.

More information about this Pre-Filled Form

The Central Board of Indirect Taxes and Customs (CBIC) is working on a pre-filled GST return form that will be available to taxpayers by the end of the year. The form will be similar to the Annual Information System (AIS) used by the Income Tax Department. This means that taxpayers will be able to view all of their transactions as well as e-invoices on the form. The form will also have an e-verification feature to settle any mismatch in the data and the tax liability.

The pre-filled GST return form is expected to reduce the time and cost of e-filling the GST return by 60 per cent. This is because taxpayers will no longer have to manually enter all of their data into the form. Instead, they will be able to simply verify the data that has already been entered.

The pre-filled GST return form is a welcome development for taxpayers. It will make it easier and faster for them to file their GST returns. This will free up their time and resources so that they can focus on running their businesses.

Benefits of this pre-filled form

Here are some of the benefits of the pre-filled GST return form:

• Reduced time and cost: The pre-filled GST return form will reduce the time and cost of e-filling the GST return by 60 per cent. This is because taxpayers will no longer have to manually enter all of their data into the form. Instead, they will be able to simply verify the data that has already been entered.
• Improved accuracy: The pre-filled GST return form will improve the accuracy of GST returns. This is because the data that is entered into the form will be pre-validated by the CBIC. This will help to reduce the number of errors in GST returns.
• Increased compliance: The pre-filled GST return form will increase compliance with GST laws. This is because taxpayers will be less likely to make errors in their GST returns if they do not have to manually enter the data.

Overall, the pre-filled GST return form is a positive development for taxpayers. It will make it easier and faster for them to file their GST returns, which will free up their time and resources so that they can focus on running their businesses.

Can we Edit the Pre-Filled Form if we discover any mistakes?

Yes, you can edit the pre-filled GST return form if you find any errors. The CBIC has stated that taxpayers will be able to edit the pre-filled form before filing the return. This will allow taxpayers to correct any errors that they find in the form.

Here are the steps on how to edit the pre-filled GST return form:

1. Log in to the GST portal using your username and password.
2. Click on the "File Returns" tab.
3. Click on the "GSTR-3B" form.
4. Click on the "Edit" button.
5. Make the necessary corrections to the form.
6. Click on the "Save" button.
7. Click on the "File" button.
8. Click on the "Submit" button.

If you are unable to edit the pre-filled GST return form, you can contact the CBIC helpdesk for assistance.

Here are some of the common errors that taxpayers may find in the pre-filled GST return form

• Incorrect transaction details: This may include errors in the date of the transaction, the amount of the transaction, the GSTIN of the supplier or customer, or the HSN code of the goods or services that were supplied or received.
• Incorrect e-invoice details: This may include errors in the invoice number, the date of the invoice, the amount of the invoice, the GSTIN of the supplier or customer, or the HSN code of the goods or services that were supplied or received.
• Incorrect tax liability: This may be due to errors in the transaction details, e-invoice details, or both.

If you find any errors in the pre-filled GST return form, you must correct them before filing the return. If you do not correct the errors, you may be liable for penalties and interest.

Can we Directly Upload the form if we find all data correct?

Yes, you can directly upload the pre-filled GST return form if you do not find any mistake in it. The CBIC has stated that taxpayers can directly upload the pre-filled form without making any changes to it. This will allow taxpayers to file their GST returns quickly and easily.

However, it is important to note that you should still verify the details in the pre-filled form before uploading it. This is because there is always a possibility that there may be errors in the form. If you find any errors, you should correct them before uploading the form.

Here are the steps on how to upload the pre-filled GST return form:

1. Log in to the GST portal using your username and password.
2. Click on the "File Returns" tab.
3. Click on the "GSTR-3B" form.
4. Click on the "Upload" button.
5. Select the pre-filled form from your computer.
6. Click on the "Upload" button.
7. Click on the "File" button.
8. Click on the "Submit" button.

Once you have uploaded the pre-filled GST return form, it will be processed by the CBIC. The CBIC will then issue a confirmation receipt for your return.

If you have any questions about uploading the pre-filled GST return form, you can contact the CBIC helpdesk for assistance.

Conclusion

The pre-filled GST return form is a new initiative by the government of India to make it easier for businesses to file their GST returns. The form is pre-filled with information from the taxpayer's invoices, which can save businesses a significant amount of time and effort.

Pros

• Reduced compliance burden: The pre-filled GST return form can significantly reduce the compliance burden on businesses by automating the process of data entry. This can save businesses time and money, and free up resources to focus on other aspects of their business.
• Improved accuracy: The pre-filled GST return form can help to improve the accuracy of GST returns by reducing the chances of human error. This can help businesses to avoid penalties and interest charges.
• Increased compliance: The pre-filled GST return form can help to increase compliance with GST regulations by making it easier for businesses to file their returns. This can help to ensure that the government collects the correct amount of GST revenue.

Cons

• Data accuracy: The accuracy of the pre-filled GST return form depends on the accuracy of the data in the taxpayer's invoices. If the invoices are not accurate, the pre-filled form will also be inaccurate.
• Technology dependency: The pre-filled GST return form requires businesses to have access to the internet and the necessary software. Businesses that do not have access to these resources may not be able to use the pre-filled form.
• Training required: Businesses that are new to GST may need training on how to use the pre-filled GST return form. The government has provided training materials, but businesses may still need additional assistance.

Overall, the pre-filled GST return form is a positive development that can help businesses to save time, money, and effort. However, businesses should be aware of the potential limitations of the form and take steps to mitigate these risks.