Last date for filing GSTR-2, 3 extended by a month

GSTR-2 is the most important return for GST compliance since the availability of input tax credit depends on it

The government on Monday once again extended the deadline for filing the goods and services tax (GST) returns for purchases and input-output transactions for July.

The last date for filing purchase return, or GSTR-2, was extended to November 30, from October 31. That of input-output transactions, or GSTR-3, was put off to December 11, from November 10.

“To facilitate trade, the last date for filing GSTR-2 and GSTR-3 for July 2017 has been extended to November 30 and December 11, respectively,” a government tweet said.

Archit Gupta, chief executive officer, ClearTax, said, “The earlier last date for filing GSTR-2 coincided with the deadline for submission of audited income tax returns and as such was putting a strain on some taxpayers.”.

GSTR-2 is the most important return for GST compliance since the availability of input tax credit depends on it.

M S Mani of Deloitte said that the extension will enable many more taxpayers to file returns. “The challenges faced by some of the taxpayers in dealing with mismatches in GSTR-2 would hopefully get resolved in November,” he added.

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Over 20 lakh biz due to file final GST returns in 6 days

The final GSTR-3, matching GSTR-1 and 2, is to be filed by November 10

 

 

As the deadline for filing the final GST returns for the first month of GST nears, the Sushil Modi-led Group of Ministers has asked the IT backbone provider GSTN to send reminder text messages to 20 lakh businesses which are yet to submit the tax forms.

In its second meeting, the Group of Ministers (GoM) asked the GST-Network to brace for the rush of last-minute filers.

The last date for filing of final sales returns for July in GSTR-1 form is October 10, while the date for uploading of purchase returns in GSTR-2 is October 31.

The final GSTR-3, matching GSTR-1 and 2, is to be GST filing by November 10.

"So far 33 lakh businesses have filed GSTR-1 for July, while 53 lakh had filed the initial GSTR-3B returns.
So 20 lakh more businesses have to file in the next six days," GoM Chairman and Bihar Deputy Chief Minister Sushil Modi said.

"We appeal to people to file the returns on time. Infosys has prepared a list of businesses who are yet to file returns. GSTN will be sending out mobile messages to these 20 lakh businesses reminding them to file returns," he said.

Besides, the GoM has also asked Infosys, which has prepared the back-end of the GST Network portal, to be prepared to handle the load that would come for GSTR-2 filing between October 11 to 31.

The GST Council in its meeting on October 6would be apprised of the deliberations of the GoM and the improvement in... Read Full Article

One nation, one tax: Nearly 3 million GST returns filed in August

Almost half came on final day; Network chief says system stood up to huge test and all glitches would be soon resolved

 

 

As many as 2.97 million assessees have filed the summary input-output return under the new goods and services tax (GST) for the month of August (‘GSTR 3B’), much less than the 4.6 million that came for the month of July.

As many as 46 per cent of filers — 1.37 million — submitted Income tax return on Wednesday, the deadline for doing so.

However, the July returns had risen after an extension of five to eight days was given to assessees, depending on whether they wanted to claim input tax credit for pre-GST stocks or not. The GST Network (GSTN), the entity handling the information technology backbone for the new structure, is hopeful that return filing would equal the tally of July.

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Even if the same number of filers are there for the month of August as in July, proportionately it would be much less. This is so because there were only 5.95 million registrations under the GST in July, excluding those opting for the composition scheme. Now, a little over nine million businesses have registered under the GST. Of this, around one million was for the composition scheme; these may file quarterly returns.

Taxes to the tune of Rs 95,000 crore were collected in the maiden month of the roll-out. The central GST (CGST) and state GST (SGST) laws mandate an interest levy at 18 per cent for delayed payment of tax. And, Rs 100 a day will be levied for... Read Full Article

Over 1.9 million file GST returns

GSTN hopes number will double by deadline

 

As many as 19,42,354 taxpayers have till Wednesday filed IT return for July under the new goods and services tax (GST) regime. Officers of the GST Network (GSTN), responsible for the information technology (IT) backbone of the GST, said they hoped 2.8 million more would do so by the deadline in the next two days.

Those who have filed returns constitute over 22 per cent of total assessees (8.7 million) under the GST regime. However, of the 8.7 million assessees, 2.2 million are yet to complete the migration process to the new indirect income tax regime.

The GSTN, also managing the tax filing apparatus, has geared up the income tax return network to handle the rush, its Chairman Navin Kumar said. A last-minute rush caused the GSTN portal to crash last week, forcing the government to extend the deadline by five days to August 25.

Those who wish to claim transitional input tax credit can file returns by August 28.

Sudhir Singh, MD of Marg ERP, a solution provider for GST returns, said over 1.9 million filers was not really a big number, but the numbers would swell by the deadline. He added that his clients were finding it difficult to file returns....Read Full Article