1. GST deadline ends tonight; 43 lakh businesses file returns for July

GST deadline ends tonight; 43 lakh businesses file returns for July

Some 43 lakh businesses have so far filed the final GST returns for the month of July with the deadline set to end at midnight.

By: | New Delhi | Published: October 11, 2017 12:12 AM
GST, gst deadline, GST returns, GST returns filing, GST returns deadline, GSTR-1, GST Network, GSTR-2A, goods and service tax, tax form, taxpayers, gst rollout, economy IT backbone for the new indirect tax regime, GST Network (GSTN), has sent reminder SMSes and emails at least twice to remind businesses about GSTR-1.

Some 43 lakh businesses have so far filed the final GST returns for the month of July with the deadline set to end at midnight. Officials, quoting data received till 1800 hours today, said that 43 lakh businesses had filed the final sales returns or GSTR-1 out of the 53 lakh which are scheduled to submit the tax form, PTI reports. IT backbone for the new indirect tax regime, GST Network (GSTN), has sent reminder SMSes and emails at least twice to remind businesses about GSTR-1. As per the estimates by GSTN, most of the non-filers fall under the ‘nil’ tax category. Yesterday, the Central Government had issued a notification and asked businesses to file final GST returns for the month of July before the deadline (Tuesday, October 10) ends, as it ruled out any extension to the due date. “An extension of two months has already been given. There will be no further extension given to taxpayers for filing their GSTR-1 return for July. Taxpayers who have not yet filed their GSTR-1 for July are advised to do so immediately,” the finance ministry said in a statement.

A PTI report further said that once filing of GSTR-1 is done by October 10, the corresponding entries in GSTR-2A of his buyer shall get auto-populated. As per the report, the buyer has to finalise his GSTR-2 after making modifications, if required, in GSTR-2A and avail the Input Tax Credit (ITC).

“If a taxpayer does not file GSTR-1 by October 10, then his buyer may face difficulty in availing ITC of the tax paid on his supplies,” it said. Finance Ministry, issuing a press communique, also said that all suppliers of goods or services, especially B2B suppliers, must furnish their outward supply details in GSTR-1 by the due date so that no difficulty is faced by their buyers in availing ITC.

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