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Every registered taxable person has to furnish outward supply details in Form GSTR-1 (GST Returns-1) by the 10th of the subsequent month. On the 11th, the visibility of inward supplies is made available to the recipient in the auto-populated GSTR-2A.

This blog post is updated with the GST Council’s decision to extend the return due dates

This post has been updated on 2o Aug, 2017.
Ever since the Form GSTR-3B format was released, the fundamental question which most of businesses have is ‘How can I capture the details of my Transitional ITC in Form GSTR-3B?’. With the extended dude date of 25th August, 2017, just a few days away, this questions seems to be one of the most concerned area for business in filing Form GSTR-3B. In this blog, we will be discussing on

This guide is written for GST Tax Consultants (GST Tax Practitioners). If you are a business owner, you might still find it interesting to read further and forward this to your tax consultant.

Topics Covered

This blog post is updated with the GST Council’s decision to extend the return due dates

The blog post is updated with the CBEC press release announcing the extension of GSTR-3B due date and payment of tax.

With the completion of the filing of GSTR-3B returns last month, businesses are now preparing in full swing to file their GSTR-1 returns.
The recent decision by the GST Implementation Committee to extend the due dates for filing GSTR-1, GSTR-2 and GSTR-3 for the month of July, offers a much needed relief to the businesses. You will get additional time to prepare accurate returns. The revised dates are as follows.

Returns period

GSTR-1

GSTR-2

GSTR-3

July,2017

 10th October,2017

31st October,2017

This blog post is updated with the GST Council’s decision to extend the return due dates
The deadline for filing the first GST return, the Form GSTR-3B ended last month on dates August, 25 and August, 28, 2017. Yet, there are many businesses which are still in the process of filing Form GSTR-3B. This being the first GST return and understating the plight of the businesses, the committee has decided to waive the late fee for all the businesses who could not file GSTR-3B for the month of July 2017. However, for late payment, an interest at maximum of 18% will be levied.

In our previous blog, we discussed about what is GSTR-2 and the relevance of GSTR-2A with GSTR-2. We also understood, that auto-populated details of inward supplies from GSTR-2A will be available in GSTR-2. Though the details are auto populated, you are required to prepare the return before submitting it. The preparation here refers to reconciliation of inward supplies available in GSTR-2A with the books of accounts, determining the additions, modifications and rejections which are required before submitting GSTR-2.
 

The extension of due dates to file GSTR-1, GSTR-2 and GSTR-3 of July 2017 is a welcome move, as it provides an additional time for businesses to prepare the accurate returns for better compliance.. Now, the businesses are required to file GSTR-1 by 10th October, 2017, GSTR-2 by 31st October, 2017 and GSTR-3 by 10th November, 2017. To know more on the revised due dates, please read ‘GST Return Dates: for August and September, 2017’.