Latest news with #RajatMohan
Time of India
a day ago
- Business
- Time of India
GSTR-3B filing to tighten: GSTN to lock monthly tax form from July 2025, changes allowed only via GSTR-1A
In a significant compliance shift under the Goods and Services Tax regime, the GST Network ( GSTN ) on Saturday announced that the monthly GST payment form GSTR-3B will become non-editable from the July 2025 tax period onward. Starting with returns filed in August 2025, taxpayers will no longer be able to manually alter the tax liability in GSTR-3B once it is auto-populated — with any revisions allowed only through GSTR-1A prior to submission. According to GSTN, any changes in declared outward supplies will have to be made through form GSTR-1A before the GSTR-3B is filed for that same return period. These amendments will then be auto-populated into GSTR-3B and cannot be modified thereafter, PTI reported. "From the July 2025 tax period for which form GSTR-3B will be furnished in August 2025, such auto-populated liability will become non-editable," GSTN stated. "Thus, taxpayers will be allowed to amend their auto-populated liability by making amendments through form GSTR-1A, which can be filed for the same tax period before filing of GSTR-3B." GSTR-3B, a summary statement and monthly tax payment form, is filed on a staggered basis—on the 20th, 22nd or 24th of every month—depending on the taxpayer category. Currently, the portal allows taxpayers to edit the auto-populated values in GSTR-3B, which are based on information provided in forms like GSTR-1, GSTR-1A, or via the Invoice Furnishing Facility (IFF). This flexibility will be removed under the new system beginning with the July 2025 tax cycle. AMRG & Associates Senior Partner Rajat Mohan said the move aims to strengthen consistency between GSTR-1 and GSTR-3B and reduce revenue leakages. However, he noted that allowing corrections through GSTR-1A before submission is a useful safeguard. "Taxpayers must now ensure real-time reconciliation and error correction before the return is filed. This places greater responsibility on businesses to enhance internal controls and avoid last-minute adjustments," Mohan said. Stay informed with the latest business news, updates on bank holidays and public holidays . AI Masterclass for Students. Upskill Young Ones Today!– Join Now
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Business Standard
a day ago
- Business
- Business Standard
GST returns to become time-barred after 3 years starting July tax period
GST Network on Saturday said beginning the July tax period, GST taxpayers will not be able to file monthly and annual GST returns after three years of the original filing due date. The July 2025 tax period means taxpayers will file monthly returns in August this year. In an advisory, the Goods and Services Tax Network (GSTN) said taxpayers will not be able to file GSTR-1, GSTR 3B, GSTR-4, GSTR-5, GSTR-5A, GSTR-6, GSTR 7, GSTR 8 and GSTR 9 on expiry of three years from the filing due date. The amendments to Goods and Services Tax (GST) law with regard to time barring were effected through the Finance Act, 2023. Thus, GST outward supply returns, besides returns related to payment of the liability, annual returns and tax collected at source will become time-barred. "The returns will be barred for filing after expiry of three years. The said restriction will be implemented on the GST portal from the July 2025 Tax period," the GSTN advisory said. It advised taxpayers to reconcile their records and file their GST returns as soon as possible if not filed till now. Earlier in October, the GST Network (GSTN) alerted taxpayers that the said provision of tax barring would be implemented in early 2025. AMRG & Associates Senior Partner Rajat Mohan said that while this step enhances system discipline and curtails prolonged non-compliance, it may severely impact taxpayers who, due to litigation, system issues, or genuine oversight, have pending filings. "The absence of a redressal mechanism for exceptional cases could lead to permanent denial of Input Tax Credit and financial setbacks," Mohan said.
Time of India
a day ago
- Business
- Time of India
GST compliance: Returns to be time-barred after 3 years starting July 2025; experts warn of risks in absence of redressal
Starting with the July 2025 tax period, Goods and Services Tax (GST) returns will become time-barred after three years from the original due date, the GST Network (GSTN) said in an advisory issued Saturday. This means taxpayers will no longer be able to file monthly or annual returns beyond that window, with the restriction set to be enforced on the GST portal from August 2025 onward. The move is part of amendments introduced through the Finance Act, 2023, aimed at tightening compliance and closing long-standing return backlogs. The rule applies to a wide range of returns, including GSTR-1, GSTR-3B, GSTR-4, GSTR-5, GSTR-5A, GSTR-6, GSTR-7, GSTR-8 and GSTR-9 — covering outward supply declarations, tax payments, and annual summaries, PTI reported. "The returns will be barred for filing after expiry of three years. The said restriction will be implemented on the GST portal from the July 2025 Tax period," the GSTN advisory stated. Taxpayers have been urged to reconcile their records and submit any pending returns without delay to avoid permanent closure of the filing window. Tax experts, however, raised concerns about the impact on those unable to comply due to litigation, technical glitches or inadvertent delays. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like This Device Made My Power Bill Drop Overnight elecTrick - Save upto 80% on Power Bill Pre-Order Undo 'While this step enhances system discipline and curtails prolonged non-compliance, it may severely impact taxpayers who, due to litigation, system issues, or genuine oversight, have pending filings,' said Rajat Mohan, Senior Partner at AMRG & Associates. He also pointed to the lack of a redressal mechanism for exceptional situations, warning that it could result in irreversible denial of Input Tax Credit and cause financial strain for affected businesses. The GSTN had first issued a preparatory alert on this measure, indicating the system-level rollout would begin in early 2025. Stay informed with the latest business news, updates on bank holidays and public holidays . AI Masterclass for Students. Upskill Young Ones Today!– Join Now
The Hindu
a day ago
- Business
- The Hindu
GST returns to become time-barred from July tax period
GST Network on Saturday (June 7, 2025) said beginning the July tax period, GST taxpayers will not be able to file monthly and annual GST returns after three years of the original filing due date. The July 2025 tax period means taxpayers will file monthly returns in August this year. In an advisory, the Goods and Services Tax Network (GSTN) said taxpayers will not be able to file GSTR-1, GSTR 3B, GSTR-4, GSTR-5, GSTR-5A, GSTR-6, GSTR 7, GSTR 8 and GSTR 9 on expiry of three years from the filing due date. The amendments to Goods and Services Tax (GST) law with regard to time barring were effected through the Finance Act, 2023. Thus, GST outward supply returns, besides returns related to payment of the liability, annual returns and tax collected at source will become time-barred. "The returns will be barred for filing after expiry of three years. The said restriction will be implemented on the GST portal from the July 2025 Tax period," the GSTN advisory said. It advised taxpayers to reconcile their records and file their GST returns as soon as possible if not filed till now. Earlier in October, the GST Network (GSTN) alerted taxpayers that the said provision of tax barring would be implemented in early 2025. AMRG & Associates Senior Partner Rajat Mohan said that while this step enhances system discipline and curtails prolonged non-compliance, it may severely impact taxpayers who, due to litigation, system issues, or genuine oversight, have pending filings. "The absence of a redressal mechanism for exceptional cases could lead to permanent denial of Input Tax Credit and financial setbacks," Mohan said.
Mint
a day ago
- Business
- Mint
GST returns to become time-barred from July tax period
New Delhi, Jun 7 (PTI) GST Network on Saturday said beginning the July tax period, GST taxpayers will not be able to file monthly and annual GST returns after three years of the original filing due date. The July 2025 tax period means taxpayers will file monthly returns in August this year. In an advisory, the Goods and Services Tax Network (GSTN) said taxpayers will not be able to file GSTR-1, GSTR 3B, GSTR-4, GSTR-5, GSTR-5A, GSTR-6, GSTR 7, GSTR 8 and GSTR 9 on expiry of three years from the filing due date. The amendments to Goods and Services Tax (GST) law with regard to time barring were effected through the Finance Act, 2023. Thus, GST outward supply returns, besides returns related to payment of the liability, annual returns and tax collected at source will become time-barred. "The returns will be barred for filing after expiry of three years. The said restriction will be implemented on the GST portal from the July 2025 Tax period," the GSTN advisory said. It advised taxpayers to reconcile their records and file their GST returns as soon as possible if not filed till now. Earlier in October, the GST Network (GSTN) alerted taxpayers that the said provision of tax barring would be implemented in early 2025. AMRG & Associates Senior Partner Rajat Mohan said that while this step enhances system discipline and curtails prolonged non-compliance, it may severely impact taxpayers who, due to litigation, system issues, or genuine oversight, have pending filings. "The absence of a redressal mechanism for exceptional cases could lead to permanent denial of Input Tax Credit and financial setbacks," Mohan said.
