SME Times is powered by   
Search News
Just in:   • Adani Group to invest Rs 57,575 crore in Odisha  • 'Dollar Distancing' finally happening? Time for India to pitch Rupee as credible alternative: SBI Ecowrap  • 49% Indian startups now from tier 2, 3 cities: Jitendra Singh  • 'India ranks 3rd in global startup ecosystem & number of unicorns'  • LinkedIn lays off entire global events marketing team: Report 
Last updated: 10 Aug, 2017  

GST.9.Thmb.jpg Govt notifies date of filing first GST returns

GST.9.jpg
   Top Stories
» 49% Indian startups now from tier 2, 3 cities: Jitendra Singh
» 'India ranks 3rd in global startup ecosystem & number of unicorns'
» Tripura exported over 9K tonnes of pineapples in 2 years
» CPI inflation eases to 6.71% in July, IIP falls to 12.3%
» Rupee depreciates 12 paise to close at 79.64 against US dollar
SME Times News Bureau | 10 Aug, 2017
In line with the recommendations of Goods and Services Tax (GST) Council, the government has notified the date of filing the first GST returns for the month of July and August.

The date of filing returns was extended earlier by the Council by a month to give more time to the taxpayers to come into the system.

Under the GST, three forms -- GSTR 1, GSTR 2 and GSTR 3 -- need to be filed every month. Accordingly, for the month of July, the three forms will have to be filed between September 1 and 5, September 6 and 10 and September 11 and 15, respectively, according to the notification issued on Tuesday.

Form GSTR 1 would reflect sales of a business, GSTR 2 would reflect purchases and GSTR 3 is a combination of sales and purchases.

For the month of August, the three forms will have to be filed between September 16-20, September 21-25 and September 26-30 respectively.

Apart from these three forms, for the first two months of the GST regime - July and August - the taxpayers also need to file a form GSTR-3B, which is a summary return wherein details of outward supplies, inward supplies, credit and payment of GST is to be given.

The GSTR-3B form for July has to be filed by August 20 while for August, it needs to be filed before September 20.

Though there is no penalty for filing GST returns for the month of July and August, experts are of the view that it will be extremely cumbersome for the trader as he will have to file a total of seven returns in the month of September alone.

"Tax professionals and taxpayers are going to have a very busy season as in next 50 days as the taxpayers are supposed to file multiple GSTR returns. Situation gets complicated as all these returns are being prepared and filed for first time and not enough experience is available even with tax professionals and taxpayers," chartered accountant and GST analyst Pritam Mahure told IANS.

"It would be quite challenging for the corporates," he added.

GST Suvidha Provider Payworld which has opened 100 centres across the country to help taxpayers file returns, however said that the Goods and Services Tax Network model is user friendly and will not be cumbersome.

"We have opened 100 GST centres in Gujarat, Mumbai, Delhi, NCR, Punjab, Rajasthan, etc. This number we will increase up to 10,000 this year itself. We charge taxpayers on a subscription model for a year or more than a year," Payworld COO Praveen Dhabhai told IANS.

"We are live on GSTN portal. We will help and guide taxpayers to file returns. The online and offline model of GST filing is user friendly. It should not be cumbersome for taxpayers," he added.

For September, the last date for GST return filing for forms GSTR 1, GSTR 2 and GSTR 3 will be October 10, October 15 and October 20 respectively and there is also likely to be a penalty for delayed filing.
 
Print the Page Add to Favorite
 
Share this on :
 

Please comment on this story:
 
Subject :
Message:
(Maximum 1500 characters)  Characters left 1500
Your name:
 

 
  Customs Exchange Rates
Currency Import Export
US Dollar
66.20
64.50
UK Pound
87.50
84.65
Euro
78.25
75.65
Japanese Yen 58.85 56.85
As on 13 Aug, 2022
  Daily Poll
PM Modi's recent US visit to redefine India-US bilateral relations
 Yes
 No
 Can't say
  Commented Stories
» GIC Re's revenue from obligatory cession threatened(1)
 
 
About Us  |   Advertise with Us  
  Useful Links  |   Terms and Conditions  |   Disclaimer  |   Contact Us  
Follow Us : Facebook Twitter