Made mistakes in GSTR-1, GSTR-3B filing? You can now rectify it without any penalty

If you have made any mistakes in your GSTR-1, GSTR-3B form while filing returns, you can now rectify it without any penalty.

Written by FE News Desk

January 2, 2018 13:23 IST

Tax payers can now view the status of the returns filed by them on the GST Network portal, the company handling the technology backbone of the new indirect tax system said today. (Image Credit: GST indiaexpert.com)

If you have made any mistakes in your GSTR-1, GSTR-3B form while filing returns, you can now rectify it without any penalty. The Finance Ministry has permitted businesses to rectify mistakes in their monthly returns – GSTR-3B – and adjust their tax liability, a move that will help them file correct returns without fear of penalty, PTI reported.

As per the new circular, all rectifications can be made in the same month’s GSTR–3B and GSTR -1. For a long time, industries and businesses have been demanding this feature of rectification as they struggle to adapt to the new indirect tax regime. The CBEC in a recent communication to field officer has said: As the return in Form GSTR-3B does not contain provisions for reporting of differential figures for past month(s), the said figures may be reported on net basis along with the values for current month itself in appropriate tables.

It said while making adjustments in the output tax liability or input tax credit, there can be no negative entries in GSTR-3B. In September, too, in September 2017 allowed businesses to rectify errors in GSTR–3B returns while filing GSTR-1 and GSTR-2 of the same month.

GSTR-1

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 January 10. 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 to file GSTR-1 for the period of July-September by January 10, for October-December by February 15, 2018 and for January-March by April 20, 2018.

GSTR- 3B

The 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.

This article was first uploaded on January two, twenty eighteen, at twenty-three minutes past one in the afternoon.