Prefilled GST data will be coming soon as Income Tax AIS
Prefilled GST data will be coming soon, as Income Tax AIS
The government is creating pre-filled consolidated GST return forms that would allow taxpayers to access all of their transaction details and e-invoices to determine their precise tax due, similar to the Annual Information Statement (AIS) feature used by the Income Tax dept.
Govt is developing pre-filled consolidated Goods and Services Tax return forms along lines of the Income Tax Dept’s AIS, which will allow Goods and Services Tax taxpayers to view all of their transaction details and e-invoices to determine their exact tax liabilities. CBIC is preparing a consolidated Goods and Services Tax pre-filled data form that will include an e-verification feature to resolve any discrepancies in data before to GST filing return, reducing the scope of any error in Return.
The Central Board of Indirect Taxes and Customs (CBIC) is preparing a consolidated pre-filled form that will include an e-verification tool to resolve any data discrepancies before the return is filed, minimising the possibility of error.
As per GST officials, Facility, which is expected to be launched by the end of this year, will reduce litigation, improve compliance, and make it easier to file Goods and Services Tax returns without the hassle of uploading so many documents.
He also Added “Automation in filing is already happening and by November we expect the launch of a consolidated AIS like feature for the Goods and Services Tax taxpayers also,”
Presently a Normal business required to submit 3 GST Returns –GSTR-3B & GSTR-1 on quarterly or monthly basis, depending on their turnover and an annual GSTR-9 form. While some forms already have Goods and Services Tax prefilled data, it is not synchronised & GST taxpayers have to match all details around purchases, sales, refund claims or demand created separately to avail input tax credit. According to the GST official, the facility is expected to cut the time and cost of e filling by 60%.
By reducing the threshold for E-Invoices, syncing their financial data from banks and automating inspection, non-banking financial corporations, and data sharing from the income tax department, the GST department has already worked to collect more data from taxpayers over the last six months.
Goods and Service Tax Network will be integrated with the country’s ambitious financial data sharing network, Account Aggregator, before July 1 2023
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