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Business News » India News

After low GST collection, govt extends GSTR-1 deadline till January 10, 2018

GSTR-1, which summarizes all outward supplies by normal and casual registered taxpayers, has total 13 sections and is based on your turnover.

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After low GST collection, govt extends GSTR-1 deadline till January 10, 2018
Illustration of Indian Rupee with Goods and Services Tax (GST). Photo: Zeebiz team
Key Highlights:
  • GSTR-1 previous deadline was December 31, 2017
  • GSTR-1 has 13 sections based on turnover
  • GSTR-1 involves outward supplies by registered taxpayers

After witnessing five-month low GST collection in November 2017, the government on Friday decided to extend the deadline for filing GSTR-1 return for all taxpayers till January 10, 2018.
 
Earlier, GST Council in its 23rd meeting had fixed the deadline for filing GSTR-1 till December 31, 2017.


 
GSTR-1, which summarizes all outward supplies by normal and casual registered taxpayers, has total 13 sections and is based on your turnover.
 
Businesses with a turnover up to Rs 1.5 crore need to file quarterly returns, while other taxpayers with a turnover above Rs 1.5 crore must file monthly GSTR.
 
A trader with a turnover below Rs 1.5 crore should file GSTR for quarter July - September on December 31, 2017. Similar deadline is fixed for taxpayers with a turnover above Rs 1.5 crore for the months of July, August, September and October.
 
Once a taxpayer files for GSTR 1, the government will utilize the information to auto populate GSTR 3 for the dealer and GSTR 2A for the dealers to whom supplies have been made.
 
GSTR-1 cannot be revised after filing returns. If you have made any mistake, you can only revise it in the next month. For example if a mistake is made in July GSTR 1, rectification for the same can be done in August's GSTR 1.
 
It may be noted that penalty for late filing for a Nil tax payer has also be been reduced to Rs 20 per day from earlier Rs 200 and for others it has been fixed at Rs 50 a day.
 

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TAGS:
GSTR-1GSTR-1 deadlineGST collectionGSTR-1 specificationGSTR-1 filingGST CouncilGST Returnsgst regimeEconomy
Written By: ZeeBiz WebTeam
Updated: Fri, Dec 29, 2017
08:47 pm
Mumbai, ZeeBiz WebDesk
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