10th October 2017
Government has announced a last chance for Goods and services tax (July-July) return filing from traders has been given to the final return. The government has refused to extend the date this time. There has been a report from finance ministry as two months has already been given. Now taxpayers will not be given extension for GST-one return for July. The Ministry said that such taxpayers who have not filed GSTR-1 for July are advised that they should file it soon.
GST Network (GSTN), the IT backbone for the new indirect tax regime GSTR-1 returns as soon as the buyer's GSTR-2 A entries will automatically appear. The buyer can take advantage of the input tax credit (ITC) by finalizing his GSTR-2 after modification, if necessary.
If the taxpayers do not submit GSTR-1 by October 10, then the buyer may have difficulty in getting the input tax credit tax. The government today asked 14 lakh businesses to file final GST returns for the month of July by tomorrow and announced that the due date of October 10 will not be extended further.39 lakh businesses had filed the final sales returns or GSTR-1 out of 53 lakh who are scheduled to submit the tax form.
There will be no further extension given to taxpayers for filing their GSTR-1 return for July. Taxpayers who have not yet filed their GSTR-1 for July are advised to do so immediately. Once a taxpayer files GSTR-1 by October 10, the corresponding entries in GSTR-2A of his buyer shall get auto-populated.
The buyer shall finalize his GSTR-2 after making modifications, if required, in GSTR-2A and avail the Input Tax Credit (ITC).If a taxpayer does not file GSTR-1 by October 10, then his buyer may face difficulty in availing ITC of the tax paid on his supplies.
The ministry said all suppliers of goods or services, especially B2B suppliers, furnish their outward supply details in GSTR-1 by the due date so that no difficulty is faced by their buyers in availing ITC. About 53 lakh taxpayers had filed GSTR-3B return for the month of July 2017. The same number of taxpayers needs to file GSTR-1 by October 10.
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. Read more
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