GST return new rule: It is believed that with these steps, the loss in revenue due to evasion of GST (goods and services tax) will be prevented.
GST return new rule: From January 1, the new year i.e. from January 1, companies that default in payment of summary return and monthly Goods and Services Tax (GST) will not be allowed to file GSTR-1 sales return for the subsequent month. According to the news of PTI, in the meeting of the GST Council held in Lucknow on Friday, several decisions were taken keeping in mind the harmonization of compliance. This also includes making Aadhaar verification mandatory for companies or businesses to claim refunds.
Loss in revenue due to evasion of GST will be prevented
According to the news, it is believed that with these steps, the loss in revenue due to evasion of GST (goods and services tax) will be prevented. The GST regime came into effect on July 1, 2017. The GST Council has decided to amend Rule 59(6) of the Central GST Rules with effect from January 1, 2022. Under this, if a registered person has not filed a return in Form GSTR-3B for the previous month, then he will not be allowed to submit GSTR-1.
what are the rules now
At present, if companies fail to submit GSTR-3B for the last two months, then they are not allowed to submit outward supplies or GSTR-1. Companies have to submit GSTR-1 for a month by the 11th day of the subsequent month. On the other hand, GSTR-3B has to be submitted from 20th to 24th day of the month following through which companies pay tax.
Aadhar verification required for GST registration
Apart from this, the council has made Aadhaar verification mandatory for GST registration, only then a company can claim for refund. The Central Board of Indirect Taxes and Customs (CBIC) made Aadhaar verification mandatory for GST registration with effect from August 21, 2020. The council has now decided that companies will have to link their GST registration with biometric Aadhaar, only then they can claim for refund or apply for restoration of canceled registration.
