Deadlines for filing returns 2, 3 extended after complaints; relief for businesses

By | October 31, 2017


The federal government on Monday prolonged the due date by a month for submitting of products and providers tax returns (GSTR)-2 to 30 November and returns-Three to 11 December.

The transfer comes after complaints from companies about issues in matching invoices whereas submitting GSTR-2 on the GST Community portal. That is the primary month of submitting GSTR-2.

Kind GSTR-2 displays purchases made by a enterprise whereas GSTR-Three is a mixture of gross sales and purchases.

Kind GSTR-2 displays purchases made by a enterprise whereas GSTR-Three is a mixture of gross sales and purchases.

Representational image. PTI

Representational picture. PTI

The deadline to file GSTR-2 was Tuesday whereas the final date for submitting GSTR-Three was 10 November.

“To facilitate commerce, the final date for submitting GSTR-2 and GSTR-Three for July 2017 has been prolonged to November 30 and December 11 respectively,” a authorities tweet mentioned.

“A notification on this regard might be issued to facilitate about 30.81 lakh taxpayers for submitting GSTR-2 for July,” the Finance Ministry tweeted.

The choice comes after the Group of Ministers headed by Bihar Deputy Chief Minister Sushil Kumar Modi met on 28 October in Bengaluru to assessment the problems confronted below the Items and Companies Tax filings.

Specialists reacted to the federal government extension:

GST professional Pritam Mahure advised IANS:

This extension was necessitated as many technical glitches had been cropping up throughout GSTR-2 submitting. In days to come back, the federal government ought to have nicely thought out technique to deal with GST compliance points.

Aditya Singhania, DGM GST, Taxmann

The matching idea is a a lot appreciated step for permitting enter tax credit score which is regulated by the GSTR 1, 2 and three mechanism. However with the sensible idea, the IT platform of GST i.e. www.gst.gov.in ought to equally work in identical wavelength for attaining the target. Attributable to sure bugs and frictions, coupled with completely new types of returns,  taxpayers had been unable to file the identical on time. Trying on the sensible deficiency, a practical, well timed and far appreciated step has been taken by the Authorities to increase the due date of GSTR 2  and three for the month of July, 2017. Nonetheless, as soon as the folks full atleast one cycle of GSTR 1, 2 and three, taxpayers will really feel snug and the statistics is predicted to rise in coming tax intervals.

With the extension in GSTR 2 until 30th November, 2017, nonetheless the taxpayers who had not filed GSTR 1 but might be barred from submitting GSTR 1 for the month of July, 2017 until the due date of GSTR 2 will get over. Late charge levied on this account would once more be a degree of concern for taxpayers. Moreover, with due date being 11th December, 2017 for GSTR Three will now open the chance for taxpayers to assert ITC from Enter Service Distributer which earlier appears to be blocked because the due date of GSTR 6 (ISD return) being 15th November, 2017 which was later than due date of submitting GSTR Three for the month of July, 2017.”

Archit Gupta, Founder & CEO, ClearTax

GSTR-2 is a very powerful return for GST compliance since availability of ITC is determined by it. This return requires matching and reconciling and automated assessment, to verify handbook effort is minimised.For the reason that final date for submission of audited ITRs and GSTR-2 coincided, it put a pressure on some taxpayers. In addition to, the ecosystem additionally wants some extra stability and preparedness for clean compliance to happen.

(With inputs from IANS)



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