GST update: FinMin extends deadline for filing GSTR-3B; here’s what it means for you

By: | Updated: October 23, 2018 9:16 PM

Giving some relief to taxpayers, the Finance Ministry on Sunday extended the deadline for filing the GSTR-3B for September five days

GST expert said that the government should have extended the deadline at least till November 20GST expert said that the government should have extended the deadline at least till November 20

Giving some relief to taxpayers, the Finance Ministry on Sunday extended the deadline for filing the GSTR-3B for September by five days, which may not mean much for big businesses. The new deadline for filing September GSTR-3B is now October 25.

“With a view to give some more time for the same, the last date for furnishing GSTR-3B for the month of September, 2018 is being extended up to 25th October, 2018,” the CBIC had tweeted on Sunday.

“While the businesses who could not file the return by 20th can avail of the extension, this doesn’t really help most large companies, who would have already filed their return by working overtime. Since there is no facility for amendment of the return, these companies cannot claim the credit which they might have missed,” Pratik Jain, Partner & Leader, Indirect Tax, PwC India said.

He said that the government should have extended the deadline at least till November 20 so that credit can be claimed in October return. “This is extremely critical as the amount of credit at stake is huge in many cases,” he added.

Another expert, Abhishek A Rastogi, Partner, Khaitan & Co, said that there were various glitches faced by assessees because of which the government extended the deadline, pragmatically only for 5 days.

The government had recently clarified that the last date for availing Input Tax Credit (ITC) for the period from July 2017 to March 2018 is either December 31 or the date of filing of the annual return, whichever is the earlier.

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