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GST return filing deadline for transitional credit
Aug '17
For businesses who want to avail the transitional input tax credit under the Goods and Services Tax (GST), the government has extended the deadline for submitting Form TRANS I and Form 3B by one week to August 28. However, taxpayers who do not want to claim any transitional input tax credit have to necessarily file return in Form 3B before August 20.
The decision has been taken in view of concerns being raised about the form for claiming transitional input tax credit not being available on the GSTN website, an official statement said. The form will be available on the GSTN website from August 21.
The taxpayers who want to avail the transitional input tax credit should calculate their tax liability after estimating the amount of transitional credit as per Form TRANS I.
As per the rules, the GST for the month of July 2017 has to be paid by August 20, and only after the payment of full GST, return in summary Form 3B can be filed. Accordingly, tax payers have to make full settlement of the liability after adjusting the transitional input tax credit before August 20.
In case of shortfall in the amount already paid vis-à-vis the amount payable on submission of Form 3B, the same will have to be paid with interest at the rate of 18 per cent for the period from August 21, 2017 till the payment of such differential amount. (RKS)

Fibre2Fashion News Desk – India

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