New Delhi, August 9: The government has notified the timeline for furnishing final tax returns for July and August under the Goods and Services Tax (GST) regime.
As per an official notification, outward supplies in Form GSTR-1 for the month of July will have to be filed between September 1-5. For August, it is to be filed between September 16-20. The original date for filing GSTR-1 was 10th of the next month and for GSTR-2 15th of September.
Form GSTR-3 for July will now have to be filed between September 11-15 and for August the date is September 26-30.
Meanwhile, GST Network Chairman Navin Kumar said that millions of companies were still not ready to file their first returns under the new Goods and Services Tax.
Kumar added that barely half of the 34 service providers accredited to help firms bulk-file invoices online had received approval to go live.
Yet he gave an assurance that the huge IT back end that is designed to crunch up to 3 billion invoices a month and calculate companies’ taxes would be stable, even if there is a last-minute rush to file.
The GST Council, chaired by Finance Minister Arun Jaitley and comprising state counterparts, had in June allowed businesses extended timeline for filing final GST returns in forms GSTR-1, GSTR-2 and GSTR-3 for July and August.
In the interim period, businesses have to file GSTR-3B which is a summary of self-assessed tax liabilities with consolidated details of outward supplies and input credit.
The original date for filing GSTR-3, which is the monthly return on the basis of finalisation of details of outward supplies and inward supplies along with the payment of amount of tax, was 20th of the next month.
As regards GSTR-3B, the GST Network portal has started the facility for filing of July returns from August 5. The last date for filing the GSTR-3B for July 2017 is August 20, while the same for the month of August 2017 is September 20.
Over 71.30 lakh excise, service tax and VAT payers have migrated to the GSTN portal and over 15 lakh new assesses have registered on the platform.
More than 7 million existing taxpayers have activated accounts on the GST’s portal – although around a third have yet to complete the form-filling required to file a full tax return, Kumar said.
Another 1.3 million new firms have registered to pay GST.
1,535 total views, 6 views today
Munich: Bayern Munich star goalkeeper Manuel Neuer has been ruled out until January 2018, following an operation of the metatarsal in his left foot which he fractured during training, the Bavarian football giants confirmed Tuesday. Karl-Heinz Rummenigge, CEO of the club … Continue reading
460 total views, 460 views today
Johannesburg: South Africa’s Supreme Court of Appeal (SCA) will hear the state’s appeal against the six-year murder sentence handed to Paralympic gold medallist Oscar Pistorius here, November 3, the National Prosecuting Authority (NPA) said Tuesday. The state will argue … Continue reading
633 total views, 633 views today
Colombo: Sri Lanka Cricket (SLC) named Tuesday a new five-member selection panel led by former Test seamer Graeme Labrooy. The panel also has two other former Test players in Asanka Gurusinha and Gamini Wickremasinghe. The new committee was formed … Continue reading
681 total views, 681 views today
London: Everton striker Wayne Rooney was given a lift to training Tuesday after he was banned for two years for drink-driving. Rooney, wearing a black baseball cap, arrived at the club’s Finch Farm training complex in the passenger seat … Continue reading
853 total views, 853 views today