Last Date for Payment of Gst and Filing of Return For July 2017 Extended By 5 Days

The GST Implementation Committee, consisting of State and Central Government officers, has taken a decision to extend the last date for payment of the GST for the month of July 2017 to 25th August, 2017.
Earlier the last date for payment of taxes and filing of GST Return in Form 3B for the month of July was kept as 20th of August 2017.  Since it is the first Return to be filed under GST, the tax payers and the tax practitioners have requested for few more days to file their Return.  Also there have been requests from States which are hit with floods to extend the last date for filing of GST Returns.  The State of Jammu & Kashmir has also requested for extension of time because of late passing of their GST Ordinance. Some technical glitches are also experienced by last minute return filers.
It has been specified that for those tax payers, who do not want to avail of transitional credit in TRANS1 this month, the date for return filing will be 25th August 2017.  And for those who want to fill up TRANS1 this month, the last date for filing of returns will be 28th August 2017, as announced earlier. In order not to face any last moment technological difficulty in submission of return, all tax payers are requested to kindly file their return well before 25th / 28th of August 2017 and not wait for the last date. Suitable notification is being issued shortly.
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DSM/SBS
(Release ID :170103)

Notification No. 23/2017 – Central Tax – for extension of filing of GSTR – 3B return

G.S.R. ( )E.:- In exercise of the powers conferred by section 168 of the Central Goods and
Services Tax Act, 2017 (12 of 2017) (hereafter in this notification referred to as “the said
Act”) read with sub-rule (5) of rule 61 of the Central Goods and Services Tax Rules, 2017
(hereafter in this notification referred to as “the said Rules”) and notification No. 21/2017- Central Tax dated 08th August, 2017 published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (i) vide G.S.R. number 997 (E), dated the 08th August, 2017, the Commissioner, on the recommendations of the Council, hereby specifies the conditions in column (4) of the Table below, for furnishing the return in FORM GSTR-3B electronically through the common portal for the month of July, 2017, for such class of registered persons as mentioned in the corresponding entry in column (2) of the said Table, by the date specified in the corresponding entry in column (3) of the said Table, namely:-

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On Clarification regarding availability of Transitional Credit for GST

As per the rules, the Goods and Services Tax (GST) for the month of July 2017 has to be paid by 20th August, 2017. Only after the payment of full GST, return in summary Form 3B can be filed.

Concerns have been raised about the form for claiming transitional input tax credit not being available on the GSTN website. This form will be available on the GSTN website from 21st August, 2017. In view of this, a small window of opportunity is being given to all the taxpayers. For those taxpayers who do not want to claim any transitional input tax credit have to necessarily pay the tax and file return in Form 3Bbefore the due date of 20th August, 2017. The taxpayers who want to avail the transitional input tax credit should also calculate their tax liability after estimating the amount of transitional credit as per Form TRANS I. They have to make full settlement of the liability after adjusting the transitional input tax credit before 20th August, 2017. However, in such cases, they will get time upto 28th August, 2017 to submit Form TRANS I and Form 3B. In case of shortfall in the amount already paid vis-à-vis the amount payable on submission of Form 3B, the same will have to be paid with interest @ 18% for the period between 21stAugust,2017 till the payment of such differential amount.

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DSM/SBS/AK

GST Tip – 297

GSTR – 3B has to be filed by 20th Aug 2017 for the month of July transaction with GST. Following are the key points

  1. Every tax payers under GST except registered under composition has to file this return.
  2. Data entered in GSTR – 3B will be reconciled with the GSTR – 2 and GSTR – 2 to e filed subsequently
  3.  Taxpayers have to discharge the liability of GST only by payment and existing ITC cannot be utilized, stress on cash flows.
  4. While entering data in GSTR – 3B, complete the returns of GSTR – 1, so that there will be minimal reconciliation issues
  5. No offline utility, return has to be filed online only

GST Tip – 296

Section 6.1 of GSTR – 3B, details of payment for GST has to be shown. Amount of Tax Payable, Amount of Tax paid under GST utilizing the ITC and balance amount in cash has to be shown along with interest and late if any payable for CGST, SGST, UTGST, IGST and Cess.

GST Tip – 294

In Section 5 of the GSTR – 3B, inward supplies for interstate and intra-state has to be shown for supplies from composition taxpayer, exempted and NIL rated supplies along with Non-GST supplies have to be shown at the summary level only.

GST Tip – 293

In section 4( B ) of GSTR – 3B, input tax credit availed at the time of inward supply being reversed on account of using the same inputs used for taxable supplies and exempted supplies. Reversal of such input tax credit has to be done for both the inputs and the capital goods. Input tax credit reversed for any other reasons issue of free goods or used for employee purpose or used for non-business purpose.