Home / Knowledge / News / Textiles / GST return filing deadline for transitional credit
GST return filing deadline for transitional credit
18
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


Must ReadView All

Last-minute changes in USMCA keeps lid on e-com

Textiles | On 18th Oct 2018

Last-minute changes in USMCA keeps lid on e-com

Eleventh hour changes to a new trade deal torpedoed US hopes of...

Courtesy: Haggar

Apparel/Garments | On 18th Oct 2018

Haggar uses Repreve fibre made of recycled water bottles

Haggar, a US based apparel brand established in 1926, has recycled...

Revenue from RIL petrochemicals soars 56.2% in Q2FY19

Textiles | On 18th Oct 2018

Revenue from RIL petrochemicals soars 56.2% in Q2FY19

The revenue from the petrochemicals segment of Reliance Industries...

Interviews View All

Rajiv Sirohi, Shara

Rajiv Sirohi
Shara

‘Portugal is taking away a major share of the mill made sector.’

Top executives, Textile industry

Top executives
Textile industry

GST has levelled the playing field to an extent

Arvind Saraf, Triveni Sarees

Arvind Saraf
Triveni Sarees

e-Commerce is still evolving fast with constant flux and surprises

Kalai Selvi,

Kalai Selvi

Vidyashilp Academy in Bengaluru is the country's first Fairtrade School....

Manuele Baggini,

Manuele Baggini

Comec Italia Srl is a world leader in the production of printing machines. ...

Harssh Chheda,

Harssh Chheda

Mumbai-based Corporate Collars provides bespoke tailoring services for...

Robin Grankvist, OrganoClick AB

Robin Grankvist
OrganoClick AB

Robin Grankvist talks about PFCs, additives and various chemicals used in...

Razvan Popescu, Directa Plus SpA

Razvan Popescu
Directa Plus SpA

Directa Plus is one of the largest producers and suppliers worldwide of...

Urs Stalder, Sanitized AG

Urs Stalder
Sanitized AG

Urs Stalder, CEO, Sanitized AG, talks about the increasing use of hygiene...

Anisha Chaudhari, Threads & Shirts

Anisha Chaudhari
Threads & Shirts

Threads & Shirts is a freshly-tailored concept providing men/women a...

Sandeep and Sarah Shaikh Gonsalves, SS Homme

Sandeep and Sarah Shaikh Gonsalves
SS Homme

SS Homme celebrates the craft of traditional tailoring through the bespoke ...

Ritu Kumar, Label Ritu Kumar

Ritu Kumar
Label Ritu Kumar

‘Classics will return’ "There are a lot of people wearing western clothes ...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

Leave your Comments


October 2018

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

news category


Related Categories:

Advanced Search