Time is running out for those who are yet to file their final sales returns or the GSTR-1 forms for the month of July, with the last date for filing the GST returns ending today. The government has ruled out any further relaxation in the last date from October 10. The government has already extended the deadline for filing GSTR-1 for July twice and is in no mood to extend it any further.
According to the Ministry of Finance, taxpayers need to file their GSTR-1 forms on the GST Network by today, October 10, failing which there may be difficulties in claiming Input Tax Credit of the tax paid on his supplies.
In a series of tweets posted on Monday advising taxpayers to file their returns by the due date, the Finance ministry said taxpayers who fail to file their returns by today will not be able to fill it by October 30.
“Taxpayers please note 10th Oct is the last date for filing your GSTR 1. After 10th Oct, GSTR 1 will not be possible to be filed till 30th Oct,” one of the tweets read.
“If a taxpayer does not file GSTR-1 by 10th of October, then his buyer may face difficulty in availing ITC of the tax paid on his supplies. It is therefore advised that all suppliers of goods/services, especially B2B suppliers, furnish their outward supply details in GSTR-1 by due date,” it added.
The Finance Ministry further informed that once a taxpayer files GSTR-1 by October 10, the corresponding entries in GSTR-2A of his buyer shall get auto populated and the Input Tax Credit shall be availed by the buyer based on his GSTR-2.
About 53 lakh taxpayers had filed GSTR-3B return for the month of July 2017. The same number of taxpayers need to file GSTR-1 by October 10.
As of Monday, 7 pm, 39 lakh of the 53 lakh businesses had filled their GSTR-1 forms.
The government has already collected over Rs 95,000 crore as GST in July, the first month of roll out of the Goods and Services Tax.
Faced with complaints and criticism, the government on Friday provided some relief to businesses following the 22nd meeting of the GST Council in Delhi.
In welcome news for exporters and small businesses, the GST Council on Friday announced measures to reduce their compliance burdens.
The GST Council announced that the composition scheme will be extended to businesses with a turnover of Rs 1 crore a year from the previous limit of Rs 75 lakh. It was also decided to allow all businesses with a turnover of Rs 1.5 crore or less a year to file their returns and pay taxes on a quarterly basis instead of a monthly basis.
The government expects the move to reduce the compliance burden for 90 per cent of the taxpayers not already in the composition scheme.
Besides, the GST Council has also announced the eventual setting up of an e-wallet for input tax credits for exporters, besides reducing tax rates on 27 items.