Only nine days are left for filling up the TRAN-1 form for claiming the input tax credit declared in the last return filed in the pre-Goods and Services Tax (GST) regime. The deadline for filing the TRAN-1 form, or revise the mistakes made in the form is December 27. The GST Council in its 23rd meeting on November 9 and 10 had extended the date for filling TRAN-1 form until December 27.
Any trader/businessman who is registered under the GST and was registered, or unregistered under the old regime can fil the TRAN-1 form and avail the input tax credit. Traders/Businessmen registered under the composition scheme cannot avail this return. Deadlines for filing other GST returns is also approaching.
GSTR-1: GSTR-1 is the record of all sales. Under this form, business files outward supply (sales) of all goods and services. It has two categories: businesses above 1.5 crore turnover and below 1.5 crore turnover. The deadline for filing the GST returns for July-September 2017 for business with turnover upto 1.5 crore is December 31, while for businesses above 1.5 crore turnover, filing the GST return for July-October 2017 is December 31.
GSTR-4: GSTR-4 is a GST return that has to be filed only by a composition dealer. The threshold for the composition scheme was increased Rs 1.5 crore turnover last month. The deadline for filing the GST returns for the first three months July to September 2017 is December 24.
GSTR-6: GSTR-6 is a monthly return that has to be filed by an input service distributor. It basically contains details of input tax credit received by input service distributor. The deadline for filing GSTR-6 for the month of July is December 31.
For now, you don’t need to hurry for GSTR- 3B as its timeline for the filing of initial returns GSTR-3B for all businesses has been extended to March, 2018 from December earlier. All taxpayers would file returns in form GSTR-3B along with payment of tax by 20th of the succeeding month till March, 2018.
The time period for filing GSTR-2 and GSTR-3 for the months of July 2017 to March 2018 would be worked out by a committee of officers. Until that time the businesses will have to file only GSTR-1.