The Goods and Services Tax (GST) Council to acknowledge merging the triplicate GST Return forms to assuage the procedure of filing returns. The aim is to reduce inconvenience for taxpayers while also enabling the crucial invoice-matching process, which it reckons is necessary to check tax evasion.
Currently, the taxpayer has to submit forms i.e. GSTR-1 for filing details of outward sales of a dealer, when the form is submitted the details of a purchases made by the dealer is automatically populated in the GSTR-2 form. GSTR-3 is filled to show taxpayer’s tax liability and available input tax credit.
Although the merger of 3 returns is intended to simplify the process, sources said that there won’t be any big change in the functionality or the data required to be submitted by taxpayers.
Source: Financial Express