August 25 is the last date for businesses to file tax return 3B, using Form GSTR-3B. Urging taxpayers to not wait for the last date to file their first returns under GST or Goods and Services Tax, the CBEC said: “File GSTR-3B Return Today!…Do not worry if you are not able to avail of the transitional credit this month. You can utilize it later also because it will get credited in your electronic ledger, provided you file FORM GST Trans-1 on or before the prescribed date.”
The government has relaxed deadlines to file returns under GST for the month of July 2017 and make the respective payments. These returns can be filed using forms GSTR-3B, GSTR-1, GSTR-2 and GSTR-3. Under GST, businesses need to give details relating to outward supplies for the month of July 2017 in Form GSTR-1 between September 1 and September 5. However, in the interim period, businesses have to file GST Return-3B (Form GSTR-3B).
Apart from GSTR-3B, three other forms need to be filed – GSTR 1, GSTR 2 and GSTR 3. Form GSTR 1 would reflect sales of a business while GSTR 2 would reflect purchases. GSTR 3 is a combination of sales and purchases, containing consolidated details of outward supplies and input tax credit (ITC).
Important GST dates
August 25, August 28
Businesses not looking to avail transitional credit this month using Form GST Trans-1 are required to make payment and file return by August 25, 2017, according to the CBEC. But, assesses wanting to avail transitional credit this month using Form GST Trans-1, are only required to make payment towards the same by August 25. They can file return by August 28, 2017, the CBEC reiterated.
Traders are required to file tax return 1, using Form GSTR-1, for outward supplies made. For July 2017, the window to be able to do this will be open from September 1 through September 5, 2017.
Similarly, tax return 1 (using Form GSTR-1) will contain details of the supplies received – or simply put, purchases. Businesses are required to do this from September 6 to September 10.
Stressing the need to file returns and make payment before deadlines, the CBEC under the department of revenue said that payments made through NEFT (national electronic funds transfer) or RTGS (real time gross settlement) take time. Returns cannot be filed until the payments get reflected in the cash ledger, it added.
NEFT and RTGS are payment systems that allow individuals to transfer funds between two accounts in different banks. Individuals can electronically transfer funds to any other individual having an account in any bank branch within the country. Both these systems are maintained by the Reserve Bank of India (RBI).