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Relaxation in return filing procedure for first two months of GST implementation

Capital Market 

With the objective of ensuring smooth rollout of and taking into account the concerns expressed by the trade and industry regarding filing of the returns in regime, it has been decided that, for the first two months of implementation, the tax would be payable based on a simple return (Form GSTR-3B) containing summary of outward and inward supplies which will be submitted before 20th of the succeeding month. However, the invoice-wise details in regular GSTR - 1 would have to be filed for the month of July and August, 2017 as per the timelines given below -
Month GSTR - 3B GSTR - 1 GSTR - 2 (auto populated from GSTR-1)July, 2017 20th August 1st - 5th September* 6th - 10th SeptemberAugust, 2017 20th September 16th - 20th September 21st - 25th September

* Facility for uploading of outward supplies for July, 2017 will be available from 15th July, 2017.

No late fees and penalty would be levied for the interim period. This is intended to provide a sense of comfort to the taxpayers and give them an elbow room to attune themselves with the requirements of the changed system. This not only underlines the government's commitment towards ensuring that all the stakeholders are on board but also provides an opportunity to the taxpayers to be ready for this historic reform.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

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Relaxation in return filing procedure for first two months of GST implementation

* Facility for uploading of outward supplies for July, 2017 will be available from 15th July, 2017. With the objective of ensuring smooth rollout of and taking into account the concerns expressed by the trade and industry regarding filing of the returns in regime, it has been decided that, for the first two months of implementation, the tax would be payable based on a simple return (Form GSTR-3B) containing summary of outward and inward supplies which will be submitted before 20th of the succeeding month. However, the invoice-wise details in regular GSTR - 1 would have to be filed for the month of July and August, 2017 as per the timelines given below -
Month GSTR - 3B GSTR - 1 GSTR - 2 (auto populated from GSTR-1)July, 2017 20th August 1st - 5th September* 6th - 10th SeptemberAugust, 2017 20th September 16th - 20th September 21st - 25th September

* Facility for uploading of outward supplies for July, 2017 will be available from 15th July, 2017.

No late fees and penalty would be levied for the interim period. This is intended to provide a sense of comfort to the taxpayers and give them an elbow room to attune themselves with the requirements of the changed system. This not only underlines the government's commitment towards ensuring that all the stakeholders are on board but also provides an opportunity to the taxpayers to be ready for this historic reform.

Powered by Capital Market - Live News

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

image
Business Standard
177 22

Relaxation in return filing procedure for first two months of GST implementation

With the objective of ensuring smooth rollout of and taking into account the concerns expressed by the trade and industry regarding filing of the returns in regime, it has been decided that, for the first two months of implementation, the tax would be payable based on a simple return (Form GSTR-3B) containing summary of outward and inward supplies which will be submitted before 20th of the succeeding month. However, the invoice-wise details in regular GSTR - 1 would have to be filed for the month of July and August, 2017 as per the timelines given below -
Month GSTR - 3B GSTR - 1 GSTR - 2 (auto populated from GSTR-1)July, 2017 20th August 1st - 5th September* 6th - 10th SeptemberAugust, 2017 20th September 16th - 20th September 21st - 25th September

* Facility for uploading of outward supplies for July, 2017 will be available from 15th July, 2017.

No late fees and penalty would be levied for the interim period. This is intended to provide a sense of comfort to the taxpayers and give them an elbow room to attune themselves with the requirements of the changed system. This not only underlines the government's commitment towards ensuring that all the stakeholders are on board but also provides an opportunity to the taxpayers to be ready for this historic reform.

Powered by Capital Market - Live News

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

image
Business Standard
177 22