March 29, 2018

The Central Board of Excise and Customs (CBEC) has announced the dates for filing GST returns for first three months of new fiscal.

As the government scraped GSTR-2 and GSTR-3 last year and extended the deadline for GSTR-3B filing, only GSTR-1 was left unnotified. GSTR-1 is the monthly outward supply return made by a business. It is divided into two categories: Businesses above 1.5 crore turnover and Businesses with turnover up to 1.5 crores.

Here’s are the deadlines for filing GSTR-1:

Form GSTR-1 on a quarterly basis: For filing GSTR-1 returns from April 2018 to June 2018, the deadline is July 31.

Form GSTR-1 on a monthly basis: For GSTR-1 returns from April is May 31, for May is June 10 and for June is July 10.

Besides notifying deadlines for filing GSTR-1, the government has also extended the deadline for filing GSTR-6 and TRAN-2. GSTR-6 is a monthly return filed by an input service distributor and TRAN-2 is filed for claiming deemed credit. The deadlines for filing these two have been extended from March 31 to May 31 and June 30 respectively.

“This extension is a major relief for the industry at large, specifically for those who have to claim deemed credit (in Form TRAN-2) of opening stock as on 1 July 2017 which have been sold till 31 December 2017,”  Pratik Jain, Partner, Indirect Tax, PwC said.

“Further, the fact that dates of monthly GSTR-1 for May and June 2018 have been notified as 10th of the succeeding month, perhaps indicates that the monthly return cycle shall soon be back in track,” he added.

The GST Council is currently deliberating on making the returns filing system simpler. While it was hoping to do it before the start of the next fiscal, the Council later decided to consult the IT department and tax experts before bringing in new process into the system.

[The Financial Express]