Govt Notifies Date For First Filing Of GST | SupportBiz
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Govt Notifies Date For First Filing Of GST

 
Tags: GST, filing
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.

PM asks collectors Ensure GST Registration by traders:

Prime Minister Narendra Modi on Wednesday asked District Collectors across India to ensure that each trader is registered under the Goods and Services Tax (GST). Addressing the officials through video-conferencing on the theme "New India - Manthan", he said that they should explain to traders in their districts how GST is a "Good and Simple Tax", an official release said.

Modi also asked the collectors to avail of government e-marketplace for all procurement in their district.