Deadline for GSTR filing extended; Here's what you need to know
GST, which came into play on July 1, 2017, has four tax slabs - 5%, 12%, 18% and 28%. Almost 227 items were there in 28% GST slab, now only 50 remain, which are mostly luxury items, rest have been put in 18%.
While lowering tax rates of 177 products; the GST Council chaired by Finance Minister Arun Jaitley during their 23rd meeting decided to extend the deadline for filing GSTR returns.
Here are the list of details that you need to know.
Businesses having turnover above Rs 1.5 crore - will have to file GSTR-1 or sales returns between July - October 2017 by December 31, 2017. While from November onward, GSTR-1 to be filed on 40th day at January 10, 2018.
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In the same way, GSTR-1 for December onwards by February 10, 2018, for January by March 10, 2018, for February onwards by April 10, 2018 and for March by May 10, 2018.
On the other hand, businesses with turnover up to Rs 1.5 crore - will file GSTR-1 by December end for the quarter July - September, for October - December by February 15, 2018 and between January - March by April 20, 2018.
Going ahead, due date for filing GSTR-4 for the quarter July - September 2017 have been revised to December 24, 2017 from previous October 18, 2017.
GSTR-5, GSTR-5A and GSTR-6 for July 2017 month is suppose to be filed by December 11, 2017, December 15, 2017 and December 31, 2017 respectively.
Filing of GSTR-2 and GSTR-3 for the months of July 2018 to March 2018 - as per media reports would be worked out by the committee of officers.
Penalty for late filing for a Nil tax payer w has also be been reduced to Rs 20 per day from the earlier Rs 200 and for others to Rs 50 per day.
Few days ago before the 23rd GST council meet, on November 04, the Central Board of Excise and Customs (CBEC) tweeted saying, "Of total 33 lakhs, GST registration requests filed before Centre & State Tax Auth. nearly 29 lakhs have been approved till October 31, 2017."
#GSTstat
Of total 33 lakhs, GST registration requests filed before Centre & State Tax Auth. nearly 29 lakhs have been approved till 31.10.17 pic.twitter.com/v3mlUnY8s6— CBEC (@CBEC_India) November 4, 2017
The CBEC added, "GSTR-3B returns filed from July,17 to Sep, 17 crosses 1.5 crore mark. While GSTR-1 & GSTR-2 returns filed for the month of July reach up to 68 lakhs of total returns filed till October 31, 2017."
#GSTstats
Total no. of GSTR-3B returns filed from July,17 to Sep, 17 crosses 1.5 crore mark. Details in infographics. pic.twitter.com/aGawmjxwCX— CBEC (@CBEC_India) November 4, 2017
#GSTstats
Total no. of GSTR-1 & GSTR-2 returns filed for the month of July reach up to 68 lakhs of total returns filed till 31st Oct,17 pic.twitter.com/IETGIOKkrA— CBEC (@CBEC_India) November 4, 2017
Overall number of returns filed under GST as on October 31, 2017 have crossed 2.25 crore, added the CBEC.
#GSTstats
Total no. of returns filed under GST as on 31st October 2017 crosses 2.25 crores.— CBEC (@CBEC_India) November 4, 2017
Meantime, the GST council in 23rd meet, has decided to the annual turnover eligibility for composition scheme will be increased to Rs 2 crore from the present limit of Rs 1 crore under the law. Thereafter eligibility for composition will be increased to Rs 1.5 crore per annum."
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