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  1. GSTR-1 returns filing last day today: Centre says no to extension of deadline

GSTR-1 returns filing last day today: Centre says no to extension of deadline

The government on Monday said the deadline for filing the first of the comprehensive returns (GSTR-1) for July will not be extended beyond October 10. The GST Council has already extended the filing deadline for the same by two months.

By: | New Delhi | Published: October 10, 2017 6:26 AM
GST, GST Tax Once a taxpayer files GSTR-1 by October 10, the corresponding entries in GSTR-2A of his buyer will get auto-populated.

The government on Monday said the deadline for filing the first of the comprehensive returns (GSTR-1) for July will not be extended beyond October 10. The GST Council has already extended the filing deadline for the same by two months.

“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.

Once a taxpayer files GSTR-1 by October 10, the corresponding entries in GSTR-2A of his buyer will get auto-populated. The buyer is then required to finalise GSTR-2 after making modifications (additions, corrections or deletions), if required, in GSTR-2A.

The finance ministry advised that all suppliers of goods or services, especially B2B suppliers, furnish their outward supply details in GSTR-1 by the due date so that no difficulty is faced by their buyers in availing input tax credit (ITC) and the return cycle can be completed in due course.

With just a day to go for GSTR-1 deadline, the number of invoices uploaded on GST Network portal isn’t as per expectation. GSTN had estimated that 80 crore monthly invoices would be uploaded by taxpayers for filing GSTR-1 return but till Friday only 35.5 crore invoiced had been filed.

The number indicates the possibility that a substantial number of assessees may miss the deadline for filing GSTR-1 again. If a taxpayer does not file GSTR-1 by October 10, his buyer may face difficulty in availing ITC of the tax paid on his supplies, the finance ministry said.

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