The deadline for filing some of the GST returns is just 22 days away. Before we tell you the deadlines, here is some clarity on all the returns that are required to be filed under the Goods and Services Tax (GST) regime and the recommendations that were made last month to ease compliance.
There are basically six types of returns: GSTR-1, GSTR-2, GSTR-3, GSTR-3B, GSTR-4, GSTR-5, GSTR-6. Except for GSTR-2, GSTR-3 and GSTR-3B, the clock is ticking for all other. First of all filing of return is mandatory under the GST, even if there is nil return, it should be filed as nil. Here are details of returns that are facing the December deadline:
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-5: This is for non-resident foreign taxpayers. Non-resident foreign taxpayers are those suppliers who do not have a business establishment in India and have come for a short period to make supplies in India. They need to file the details of their businesses in the month of July under GSTR-5, whose deadline is just 3 days away, until December 11.
GSTR-5A: GSTR-5A is the online information and database access or retrieval services from outside India to a non-taxable online entity. The deadline for filing returns under GSTR-5A for the month of July is December 15.
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 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.