Council relaxes rules for filing GST returns until Aug

19 Jun '17

2 min read

The Goods and Services Tax (GST) Council has relaxed return filing rules for the businesses for the first two months after the tax regime is rolled out on the midnight of June 30-July 1, even as the industry is urging the Council to defer its implementation. The sale returns for July will have to be filed before September 5 instead of August 10.

As for the sale invoice for August, the companies will have to file it by September 20 with the GST network as against September 10, according to the revised timeline.

"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," said the ministry of finance in a press release.

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.

A slight relaxation of two months has been given to the businesses to prevent lack of preparedness for the new tax regime. They will be required to strictly adhere to the timeline from September onwards, said finance minister Arun Jaitley while speaking to the media.

Regarding the industry's demand of deferring the implementation of the tax regime, the minister said that they do not have the luxury of time for the same. (KD)

Fibre2Fashion News Desk – India

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