23rd GST Council Meeting – Modification in GST Return Due Date

23rd GST Council Meeting – Modification in GST Return Due Date

On 10th November 2017, the 23rd GST Council Meeting was organized. There were a variety of procedures introduced to enhance the compliance as well as diminish the liability of taxpayers. GST allowed a number of small businesses to register under this format as well as pay GST at an absolute rate. Furthermore, entities can file basic periodical GST returns. A range of modifications was introduced in order to make GST more forthcoming in the 23rd GST Council Meeting.

Modification in GSTR-3B Return Due Date

GSTR-3B return refers to an uncomplicated return. The taxpayers may file for the return every month. Earlier, in the 22nd GST Council Meeting, it was proclaimed that GSTR-3B return must be filed by all taxpayers who are scheduled for December 2017. However, recently in the 23rd GST Council Meeting, it was declared that GSTR-3B return must be filed for all the months starting from July 2017 until March 2018. From now onwards, the due date for GSTR-3B return will be 20th of each month.

The new Due Date for Filing GSTR – 4

As per the new rules, now the taxpayer can file GSTR 4 return with registration under the GST composition scheme. GSTR4 is a return claimed quarterly. This return was initially due on the 18th of October, January, April, and July, in that sequence. Currently, the
GSTR -4 for the duration of July to September 2017 quarter shall be scheduled on the 24th of December 2017 only. As far as the anticipated date for successive quarters is concerned, it shall be declared by the GST Council in the near future.

The new Return Due date for GSTR 1

As per the new rules, now the taxpayer can file GSTR 1 return until March 2018 as per the following schedule. Furthermore, the due date for filing of GSTR-1 will be reliant on the yearly summative turnover of the business.

Annual Turnover Below Rs.1.5 Crores

GST registration for entities having a turnover below Rs.1.5 crores per annum may file quarterly GST returns as follows:

The GSTR 1 Return Due Date for the quarters is as follows:

1. July – September 2017 is 31st December 2017
2. October – December 2017 is 15th February 2018
3. January – March 2018 is 30th April 2018

Annual Turnover beyond Rs.1.5 Crores

GST registration for entities having a turnover beyond Rs.1.5 crores per annum may file quarterly GST returns as follows:

The GSTR 1 Return Due Date for the quarters is as follows:

1. July 2017 is 31st December 2017.
2. August 2017 is 31st December 2017.
3. September 2017 is 31st December 2017.
4. October 2017 is 31st December 2017.
5. November 2017 is 10th January 2018.
6. December 2017 is 10th February 2018.
7. January 2018 is 10th March 2018.
8. February 2018 is 10th April 2018.
9. March 2018 is 10th May 2018.

Suspension of GSTR 2 Return & GSTR 3 Return

The prerequisite needed in order to file GSTR-2 and GSTR-3 return has been adjourned by the Government until further notice. In order to file GSTR-2 and GSTR-3 return, the due dates, as well as the requirement, would be established by a Committee of Officers in the near future. In case of GSTR-1 return, taxpayers have to file it as per the agenda mentioned above devoid of t filing the GSTR-2 and GSTR-3 return.

What is the Waiver of Consequence for Delayed Filing of GST Returns?

As per the announcement by the Government, a waiver and decline in a penalty for delayed or non-payment in filing GST returns is listed below:

Waiver of GST Return Penalty

The Government has relinquished the delayed filing penalty for GSTR-3B return for the months of July, August and September in the year 2017. However, if a taxpayer already paid a penalty, the penalty compensated would be accredited to the electronic cash ledger.

Decrease in GST Return Penalty

The Government has proclaimed a decrease in GST return penalty for ZERO GST returns. This was announced in addition to the waiver of GST Return Penalty. GST return penalty for October 2017, for not filing zero GST return has been lessened to Rs.20 for each day as a replacement for Rs. 200 each day. The decline in penalty will remarkably assist SMEs as well as the exclusive Entrepreneurs.

Modification in GSTR 5 Return Due Date

GSTR 5 return bought to be filed each month by people scheduled beneath the GST as a non-resident taxable individual. Earlier, the GSTR-5 was payable on the 20th of each month. Presently, the GSTR 5, as well as the GSTR-5A payable date for the month of July for the year 2017, has been stretched till 11th December and 15th December 2017, in that order.

Modification in GSTR 6 Return Due Date

GSTR-6 return bought to be filed by citizens registered under GST as an input service distributor. Earlier, the GSTR-6 return was due on the 13th of each month. Currently, the due date for filing of GSTR-6 has been increased till 31st December 2017.

Modification in GST TRAN-1 Return Due Date

The course of action for transmission of obtainable input tax credit to GST for individuals that had service tax as well as VAT or central excise schedule has been made available in the Transitional Provisions set of laws of GST. As per as the provisions , one and all who have scheduled for GST can file GSTR TRAN-1 in order to transmit input tax credit. In order to file GST TRAN-1, the due date has been increased to 31st December 2017. Currently, the taxpayer who filed GST TRAN-1 is eligible to alter their return until 31st December 2017.

Modification in GST ITC-04 Return Due Date

The particulars of challans in compliance with of goods transmitted to a job employee, or obtained from a job employee or dispatched from one job employee to another during a quarter should be filed in FORM GST ITC-04. GST ITC-04 for every quarter is due on the 25th day after the conclusion of a quarter.

Currently, the GST ITC-04 due date filing for the July to September 2017 quarter is 31st December 2017. Thus, “23rd GST Council Meeting- Modification in Due date”, brought forward a number of changes that made payment of taxes easier for all the taxpayers.