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GST Council may consider modification in monthly tax payment form for better ITC reporting

GST Council may consider modification in monthly tax payment form for better ITC reporting

The GST Council is likely to consider modification in summary return and monthly tax payment form, GSTR-3B, in its meeting next month, with a view to check fake input tax credit claims and expedite settlement of genuine ones, an official said.

According to officials, the modified form will provide clarity with regard to gross input tax credit (ITC) due to the taxpayer, the amount claimed in a particular month and the net amount left in the taxpayer’s ledger.

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