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Friday, August 18, 2017

GST relief: Deadline to file returns extended to 28 August for biz with transitional credit


The government on Thursday gave some relief to taxpayers availing of transitional input tax credit under the GST (Goods and Services Tax) regime by giving them an extra week till 28 August 28 to file tax returns.

Businesses under the Goods and Services Tax (GST) set up have to file their first return, GSTR 3B, for July on the portal of GST Network -- the IT infrastructure provider for the new indirect tax regime -- by 20 August. The return filing had commenced on 5 August.

The finance ministry offered some relaxation to those businesses that claim transitional input tax credit. These entities will have to deposit taxes on the basis of self-assessment by 20 August, but they will have one more week till 28 August to file their returns. Those taxpayers that do not claim any transitional input tax credit will have to necessarily pay tax and file return in Form 3B before the due date of 20 August, the ministry said.

It added that concerns have been raised about the form to claim transitional input tax credit not being available on the GSTN website. This form will be available on the GSTN website from 21 August. "A small window of opportunity is being given to all the taxpayers... The taxpayers who want to avail of the transitional input tax credit ... (will) have to make full settlement of the liability after adjusting the transitional input tax credit before August 20, 2017," it said.

They will get time up to 28 August, 2017, to submit Form TRANS I after estimating transitional credit and Form 3B. "In case of shortfall in the amount already paid vis-a-vis the amount payable on submission of Form 3B, the same will have to be paid with interest of 18 percent for the period between August 21, 2017, till the payment of such differential amount," the ministry said.

To make compliance easy for businesses, the GST Council has allowed businesses to initially file their returns on self-assessment basis in the first two months of the GST rollout. So, the GST returns for July and August will be filed on the Goods and Services Tax Network (GSTN) portal by filling the GSTR 3B form.

Over 71.30 lakh excise, service tax and VAT payers have migrated to the GSTN portal. Also 15 lakh fresh registrations have happened on the portal. The final GST returns for July will have to be filed by these businesses by 5 September instead of 10 August. Companies will have to file sale invoice for August with GST Network by 20 September instead of 10 September earlier.
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Item Reviewed: GST relief: Deadline to file returns extended to 28 August for biz with transitional credit Rating: 5 Reviewed By: BUXONE