Some changes are recently implemented by the income tax system, among them one is the GSTR-3B to be reported in the 26 AS. Here we discuss some of its implications in the logical sequence.
Firstly what is GSTR-3B and 26 AS of income tax?
GSTR-3B is a simple tax return form that was introduced by CBEC for the month of July and August and form 26 AS is an annual consolidation credit statement issued under section 203AA of the income tax act, 1961 which basically contains the details of various taxes deducted on your income.
GSTR-3B was initially introduced as the replacement of GSTR-3 temporarily. It was not a return as per the GST act firstly but after it was made to the return under GST act on 1/07/2017.
Revision of GSTR-3B: it is not possible to revise GSTR-3B once filled. We can revise income tax returns, and TDS returns but there is no revision of GSTR-3B to be allowed but the government had allowed changing the status of “submitted” to “yet to be filled”.
Redress of the GSTR-3B: if any error or omission is needed can be redressed in the previous GSTR-3B that can be rectified in the next return. This process of redressing can be done up to 6 months from the end of the financial year.
Implifying the redressing of GSTR-3B: as the GSTR-3B needed some omission to be done that can be rectified till the month of filing the return of September of the subsequent year. Thus if any error of March 2019 is identified it can be redressed up to the filing return in September 2019. This means that the turnover of GSTR-3B of FY 2019-20 can contain the adjustment of FY 2018-19 and as same the errors of it can be identified and adjusted in GSTR-3B of FY 2020-21. Hence from this, it can be meant that the turnover of FY 2018-19 and FY 2019-20 will have an effect on FY 2020-21.
Now many have the question that is the GSTR-3B is the final? And the answer to this is that No, GSR-3B is not the final one. The dealer has to file the GSTR-9 that is the annual return and if that exceeded the prescribed limit then the dealer has to file the GSTR-9C. Then the turnover that is reported in the GSTR-9 and GSTR-9C is the final.
Many of you now think that what is the meaning of showing GSTR-3B in 26AS of income tax when the turnover in it is not the final one? From our point of view, it has no means, it will ultimately result in unwanted and uncalled litigations. It is just of no use rather than being useful it leads to causing trouble. Thus, our conclusion is that showing the GSTR-3B turnover in 26AS is just inviting a problem and loading some extra useless work.