Now, businesses will have to file only GSTR-1 and simplified initial GSTR-3B returns until March 2018.
In a massive bonanza, the GST Council on Friday made a slew of recommendations in favor of both common man and businesses. From tax cuts on 178 items to lowering taxes on all restaurants to raising the threshold of the composition scheme and, most importantly, extending dates for filing the Goods and Services Returns (GSTR) in a bid to end businessmen’s woes.
Here are the recommendations made by the GST Council in its 23rd meeting in Guwahati:
Businesses above 1.5 crore turnover: Till March, businesses with a turnover of over Rs 1.5 crore will have to file only GSTR-1 or sales returns by 40th day of the end of the month. This will be in addition to initial GSTR-3B returns. For July-October, businesses will have to file GSTR-1 by December 31. November onwards, GSTR-1 is to be filed on 40th day, which is January 10. Similarly, GSTR-1 for December will be filed by February 10, for January by March 10, for February by April 10 and so on.
Businesses with turnover upto 1.5 crore: Till March, businesses with a turnover upto Rs 1.5 crore will have file GSTR-1 for the period of July-September by December 31, for October-December by February 15, 2018 and for January-March by April 20, 2018.
The 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.
GSTR-2 and GSTR-3:
A committee under GSTN Chairman Ajay Bhushan Pandey has been set up to look into making the filing of GSTR-2 and GSTR-3 business friendly. 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.
A large number of taxpayers were unable to file their return in GSTR-3B within due date for the months of July, August and September, 2017.The Late fee was waived in all such cases. The GST Council has also lowered late return filing fees for businesses from Rs 200 at present. Businesses with nil tax liability will now have to pay only Rs 20 as late fee for delayed filing of return while for the rest, the fee is Rs 50.