Rather than rolling out a new model, the Government plans to strengthen the current GST return filing system. This year the latest program was to be launched on 1 October. Yogendra Garg, CBIC 's Principal Commissioner for GST Policy, while speaking at a webinar hosted by Assocham, said the change was intended to make enforcement much simpler. The GST Network, the GST regime's IT network, is working to change and boost current returns and will announce an improved version of the new system soon.
It will launch a new GSTR 2B type which, like the GSTR 2A, will include details of the client or business transactions with added input tax credit information. More specifics will be provided on the current GSTR 1 form, which collects sales-related information. The type GSTR 3B will be auto-populated which gives the tax estimate.
New features likely to be included in the new improved version of the current return system include a matching tool for comparing GSTR 2A with the purchase register, the channel of communication between buyer and seller, and an enhanced tax liability comparison table and input tax credit (ITC) after integrating ITC on IGST paid on imports. The GSTN also aims to reduce taxpayers' error by enhancing the mechanism of connecting GSTR1 to GSTR3B and GSTR2A data for ITC flow with GSTR3B.
Meanwhile, Garg also said e-invoicing, a form of electronically-authenticated invoices, would only be introduced from 1 October for companies with Rs 500 crore or more turnover. Previously, e-invoicing for companies with a turnover of Rs 100 crore or more in one year was planned.
