Even though GST has put its feet in our economy months back, amendments and extension of due dates plays more role now a days. This article is not for explaining the Basics of GST but to update the recent Changes and the amended due dates of filings announced as of now. This two pager reference note will be helpful for the execution team who is handling GST. The author has tried to explain the facts in layman’s language for easy understanding.
Decisions Taken AT: 23rd Meeting of GST Council at Guwahati on 10th November 2017
Clarifications through: Circular No 26/26/2017-GST Dated 29.12.2017
Quick Reference for Forms and Filing Dates
|Return Filing Dates||Jan-18||Feb- 18||March 18||Apr-18||May-18|
|Up to 1.50 Cr.||GSTR 3B||Dec 3B||Jan 3B|| |
|GSTR 1||Jul – Sep 2017||Oct – Dec 2017||Jan – Mar 2018|
|Above 1.50 Cr.||GSTR 3B||Dec 3B||Jan 3B|| |
|GSTR 1||Jul – Nov 2017||Dec 2017||Jan 2018|| |
Important Points to Remember
All registered persons are required to file their Form GSTR-3B on a monthly basis
- Filing of Form GSTR-1 is depending upon the Turnover of the registered persons
- Quarterly filing of GSTR 1 enabled Later
- Those who have filed GSTR-1 for July already , need not file it again
- Those who filed for July can file August & September details only.
- Form GSTR-2 & Form GSTR -3 need not be filed as of now.
- The date and details for filing of GSTR 2 & 3 for the period July 2017- March 2018 will be announced later
Form GSTR -4 is required to be filed by those who are opting for Composition Scheme. The due date for filing GSTR-4 for the quarter July 2017- September 2017 is as of now 24.12.2017. Further, for the remaining quarters to due date for filing the same is fixed as within 18 days from the end of each quarter. (Quarter end date + 17th day can be put for easy and safe reference)
Applicability and Quantum of Late Filing Fees
- Late fee for Form GSTR 3 B for July, August & September – Waived Off
- Late fee for October 2017 onwards has been categorised based on the tax liability
- If the Tax liability is NIL, Late fee will be INR 20 per day
- If the Tax liability is not NIL , Late fee will be INR 50 per day
It is further clarified that the information furnished in the Form GSTR 3 B by the registered persons would be reconciled by the departments system with the information furnished in Form GSTR -1 and the discrepancies, if any, shall be dealt with in accordance with the relevant provisions of the CGST Act, 2017 and rules made thereunder.