Indian finance minister Arun Jaitley (centre) addressing a press conference after the 23rd GST Council meeting in Guwahati. Courtesy: PIB
The GST Council, in its 23rd meeting held at Guwahati on November 10, 2017, has recommended further simplification of the return filing process. Taxpayers with annual aggregate turnover upto Rs 1.5 crore now need to file GSTR-1 on quarterly basis till March 2018, and a Committee of Officers will work out the time period for filing GSTR-2 and GSTR-3.
The GST Council meeting, chaired by finance minister Arun Jaitley recommended that all taxpayers would file return in form GSTR-3B along with payment of tax by 20th of the succeeding month till March 2018.
For filing of details in GSTR-1 till March 2018, taxpayers would be divided into two categories. Taxpayers with annual aggregate turnover upto Rs 1.5 crore need to file GSTR-1 on quarterly basis, i.e. by December 31, 2017 for July-September quarter, by February 15, 2018 for October-December period, and by April 30, 2018 for January-March quarter.
However, taxpayers with annual aggregate turnover of more than Rs 1.5 crore need to file GSTR-1 on monthly basis as per following frequency:
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Period
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Dates
|
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Jul- Oct
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31st Dec 2017
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Nov
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10th Jan 2018
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|
Dec
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10th Feb 2018
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|
Jan
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10th Mar 2018
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|
Feb
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10th Apr 2018
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|
Mar
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10th May 2018
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The GST Council further decided that the time period for filing GSTR-2 and GSTR-3 for the months of July 2017 to March 2018 would be worked out by a Committee of Officers. However, filing of GSTR-1 will continue for the entire period without requiring filing of GSTR-2 and GSTR-3 for the previous month/period.
Late fee paid by taxpayers for the months of July, August and September 2017 will be re-credited to their Electronic Cash Ledger under “Tax” head instead of “Fee” head so as to enable them to use that amount for discharge of their future tax liabilities. The software changes for this would be made and thereafter this decision will be implemented, an official statement said.
For subsequent months, i.e. October 2017 onwards, the amount of late fee payable by a taxpayer whose tax liability for that month was ‘NIL’ will be Rs 20 per day (Rs 10 per day each under CGST & SGST Acts) instead of Rs 200 per day (Rs 100 per day each under CGST & SGST Acts).
Further, taking cognizance of the late availability or unavailability of some forms on the common portal, the GST Council extended the due dates for furnishing the following forms as under:
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S. No.
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FORM and Details
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Original due date
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Revised due date
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1
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GST ITC-04 for the quarter July-September, 2017
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25.10.2017
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31.12.2017
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|
2
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GSTR-4 for the quarter July-September, 2017
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18.10.2017
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24.12.2017
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|
3
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GSTR-5 for July, 2017
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20.08.2017 or 7 days from the last date of registration whichever is earlier
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11.12.2017
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|
4
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GSTR-5A for July, 2017
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20.08.2017
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15.12.2017
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|
5
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GSTR-6 for July, 2017
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13.08.2017
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31.12.2017
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|
6
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TRAN-1
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30.09.2017
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31.12.2017 (One-time option of revision also to be given till this date)
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Revised due dates for subsequent tax periods will be announced in due course, the statement said. (RKS)