A recent circular by the GST council has laid down clarification related to the due dates and has further simplified the filing in the following manner:

  • Until March, all the taxpayers are to file GSTR-3B along with tax payment by the 20th of the succeeding month.

The filing of GSTR-1 has also been simplified and has now been divided into 2 categories based on their aggregate annual turnover as given below:

  • Aggregate annual turnover of taxpayers upto 1.5 crorein accordance to the revised due dates are to file their returns on quarterly basis whereas,
  • Aggregate annual turnover of taxpayers beyond 1.5 crore in accordance to revised due dates are required to continue their filing process on monthly basis.

The given table below shall enable you to have a better understanding of the above mentioned concept

  • For those taxpayers whose annual aggregate turnover is uptoRs. 1.5 crore are required to file GSTR-1 on quarterly basis depending on the following frequency,

Period

Due Date

July to September

31st December, 2017

October to December

15th February, 2018

January to March

30th April, 2018

 

  • For those taxpayers whose annual aggregate turnover is beyondRs. 1.5 crore are required to file GSTR-1 on monthly basis depending on the following frequency,

Period

Due Date

July to October

31st December, 2017

November

10th January, 2018

December

10th February, 2018

January

10th March, 2018

February

10th April, 2018

March

10th May, 2018

  • A committee of officers are further working on the filing of GSTR- 2 and GSTR-3 for the period from July 2017 to March 2018, hence filing of the same shall be subsequently notified.
  • Taxpayers who have submitted return form GSTR3B but have not yet filed it, amendment facility for the same is to be soon provided.
  • Also further the due date for filing GSTR-6 for ISD for the month of July 2017 has been extended upto 31st December 2017.
  • Filing of TRAN-1 can also be now done upto 31st December 2017 and by the same date it can also be revised once if required.

Relief is also granted for payment of late fee for return filing from the month of October as the amount has been reduced from Rs 200/- per day (Rs 100/- per day each under CGST & SGST Acts)  to Rs 20/- per day (Rs. 10/- per day each under CGST & SGST Acts) if the tax liability is NIL. For all other tax payers (i.e., whose tax liability is not NIL) are to pay Rs 50/- per day (Rs 25/- per day each under CGST & SGST)

Since the late fees for the month of July to September has be waived the tax payers who have already paid the same can now credit their late fee paid for the month of July to September 2017 to their electronic cash ledger and the same can be made available for use against future tax liability. Also if the aggregate turnover does not exceed the prescribed threshold limit exemption is now provided for mandatory registration to the service providers through e- commerce platform.

The composition scheme also provides uniformity in the rate i.e., 1% for both manufactures and traders as well. Further after the necessary amendment are done in the act the annual turnover eligibility also shall be increased to Rs 2 crore.

We shall keep you updated incase of any further amendments or Notifications.

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CA Chirag Chauhan

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    I hope by reading this article you got enlighten on ,Latest GST Return Due Dates and requirement to file GSTR 3B and GSTR 1further to mention before taken any financial decision based on this content it is prefered to take an expert opinion as matter can be subjective.