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Govt notifies date of filing first GST returns
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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.
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