📣 GST Update: Paid GST Returned, Now Traders Have to File Revised Returns 📣 In an unprecedented turn of events, thousands of traders have found themselves in a peculiar situation.

Due to a combination of technical issues and minor errors in their returns, paid tax has been returned to their electronic ledgers. This has resulted in the need for these traders to reset their returns and pay their taxes again.

The technical issue in question pertains to the GSTR3B returns from the 2017-18 financial year. As per the guidelines, the tax must be repaid with revised returns by April 30. This is the first time traders have received their taxes back and been asked to re-file their returns.

The GST department issued an advisory stating that there were discrepancies in the returns during the filing process between saved data in the GST system and filed data in the fields for ITC and payment of tax liabilities.

The matter was examined and deliberated on by the grievance redressal committee of the GST council and it was decided that these returns shall be reset, to give such taxpayers the chance to correct discrepancies.

This situation serves as a reminder for all businesses and tax professionals to ensure accuracy while filing returns. While the department is working to rectify the technical issues, it is crucial for taxpayers to re-file their details correctly. #GST #TaxReturns #IndianTaxation