Timeline for filing of tax returns under GST
The government has notified the timeline for furnishing final tax returns for July and August beneath the products and Services Tax (GST) regime. The GST Council, chaired by finance minister Arun Jaitley and comprising state counterparts, had in Gregorian calendar month allowed businesses extended the timeline for filing final GST returns in forms GSTR-1, GSTR-2, and GSTR-3 for July and August.
In the interim period, businesses need to file GSTR-3B that could be a outline of self-assessed tax liabilities with consolidated details of outward provides and input credit.
The Central Board of Excise and Customs (CBEC) has currently notified the dates for filing the GST returns forms. As per the notification, outward provides in type GSTR-1 for the month of July can got to be filed between Sep 1-5. For August, it’s to be filed between Sep 16-20. the first date for filing GSTR-1 was tenth of subsequent month.
Form GSTR-3, GSTR-2, GSTR-3B,
Details of inward provide in type GSTR-2 for July can have to be compelled to be filed between Sep 6-10. For August, the date is Sep 21-25. the initial date for filing of GSTR-2 was fifteenth of the consequent month.
Form GSTR-3 for July can currently be filed between Sep 11-15 and for August the date is Sep 26-30. the initial date for filing GSTR-3, that is that the monthly come on the idea of the closing of details of outward provides and inward provides together with the payment of quantity of tax, was twentieth of the consequent month.
As regards GSTR-3B, the GST Network portal has started the ability for the filing of July returns from August five. The last date for filing the GSTR-3B for July twenty17 is August 20, whereas identical for the month of August twenty17 is Sep 20.
Over 71.30 hundred thousand excise, service tax, and VAT payers have migrated to the GSTN portal and over fifteen hundred thousand new assessees have registered on the platform.GST, that has subsumed over seventeen totally different levies, has kicked in from July 1.