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19/06/2017 10:44am

Govt relaxes return filing procedure for first two months of GST implementation; no late fee for interim period

image Govt relaxes return filing procedure for first two months of GST implementation; no late fee for interim period

New Delhi, June 19 (KNN) Considering the concerns raised by trade and industry, Government has relaxed return filing procedure for the first two months of GST implementation.

In a release, Finance Ministry said, “With the objective of ensuring smooth rollout of GST and taking into account the concerns expressed by the trade and industry regarding filing of the returns in GST regime, it has been decided that, for the first two months of GST 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 September

August, 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.

 

Finance Ministry said 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,” the release added.

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