GST: Centre relaxes norms for rectification of tax returns

GST: Centre relaxes norms for rectification of tax returns

The finance ministry has permitted businesses to rectify mistakes in their monthly returns —GSTR3B —and adjust tax liability,amove that will help them file correct returns without fear of penalty.This relaxation will give an opportunity to businesses to claim tax credit correctly by rectifying the mistakes made initially while computing the goods and services tax (GST) liability.

Businesses have been finding it difficult to assess tax liability correctly after India moved to the GST regime with effect from July 1, 2017.Industry bodies have been demanding relaxation of norms and easier compliance provisions to help businesses adapt to the new system of filing tax returns online.

The Business Standard, New Delhi, 2nd January 2018

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