The Finance Minister extended the due date for filing sales returns under GSTR 1 to October 31 for the July 2017 to September 2018 period. The penalties for late filing of returns have also been removed. Taxpayers filing GSTR 3B returns for the July 2017 to November 2018 period are also given a December 31 extension.
‘It has been observed that the number of taxpayers who have filed FORM GSTR-3B is substantially higher than the number of taxpayers who have furnished FORM GSTR-1. Non-furnishing of FORM GSTR-1 is liable to late fee and penalty as per the provisions of the GST law. In order to encourage taxpayers to furnish FORM GSTR-1, a one-time scheme to waive off late fee payable for delayed furnishing of FORM GSTR-1,’ the press release statement read.
Turnover-wise split
For taxpayers whose business turnover is beyond ₹ 1.5 cr including the registered persons in Kerala, or whose principal place of business is in Kodagu (Karnataka) and Mahe (Puducherry) the due date for filing sales returns under GSTR 1 is extended to October 31. This includes tax payers with business turnover up to ₹ 1.5 cr.
Taxpayers whose business turnover is up to ₹ 1.5 cr in Kerala or whose principal place of business is in Kodagu (Karnataka) and Mahe (Puducherry), the due date for furnishing FORM GSTR-1 for the quarter July, 2018 to September, 2018 would continue to remain as 15th November.
GSTR 1 & GSTR 3B
GSTR 1 is a monthly return of outward supplies. Essentially, it is a return showing all the sales transactions of a business
The GSTR 3B is a simple tax return form introduced by the Central Board of Excise and Customs (CBEC) for the month of July and August. For each Goods and Services Tax Identification Number (GSTIN) GSTR must be filed