GSTR-1A a Step Forward for GST Return Revision; Know More
The Goods and Services Tax Council is going to consider launching a New GST Form namely GSTR-1A. The launching of this new form can confirmed in the upcoming GST Council’s 53rd Meeting which has been scheduled to be held on June 22, 2024.
The idea of launching this one more GST form is to ease and support the filing of GSTR-1. New Form GSTR-1A will help the taxpayer to make some changes like amending or adding records in return within the same month or period after Filing GSTR-1 and before GSTR-3B Filing, this will ease the filing of GST return. This provides a sign of relief and ensures accurate and timely correction in the return filed.
The form GSTR-1 is a statement of monthly and quarterly outward supplies that needs to be furnished by all registered taxpayers who are making outward supplies of goods and services or both in concern.
Features of GSTR-1A
Amendments Flexibility
At present, the GST taxpayers cannot make changes in GSTR-1 in the same period or month when the return is filed. Any amendments done or records that are missed while filing have to be reported in Form GSTR-1 at the time of its next return period. So, the new form introduction will provide the flexibility to make amendments.
Liability adjust Automatically
Via the new form, when the amendments will be made, the amended liability will populate automatically in Form GSTR-3B and enable the accurate liability discharge.
Modifications in the Same Period
With the help of this form GSTR-1A, taxpayers now have an option to easily modify GSTR-1 in the same return period.
Efficient Reporting
This new form GST-1A will now allow taxpayers to amend and report the missed records and put additional details in GSTR-1 before filing Form GSTR-3B.
