Finance Ministry denies extension of last date for GST returns filing  

October 10, 2017, 2:08 pm
Finance Ministry denies extension of last date for GST returns filing  
INDIA
INDIA
Finance Ministry denies extension of last date for GST returns filing  

Finance Ministry denies extension of last date for GST returns filing  

The Ministry of Finance has hereby clarified that there will be no further extension of the last date for filing GSTR-1 for the month of July, 2017, urging the last-minute taxpayers to file their returns immediately.

"The last date for filing GSTR-1 for the month of July, 2017 is October 10. An extension of two months has already been given. There will be no further extension given to taxpayers for filing their GSTR-1 return for July. Taxpayers who have not yet filed their GSTR-1 for July are advised to do so immediately," an official release from the Ministry stated.

If a taxpayer does not file GSTR-1 by the aforementioned date, then his buyer may face difficulty in availing Input Tax Credit (ITC) of the tax paid on his supplies, the release stated.

"It is therefore advised that all suppliers of goods or services, especially B2B suppliers, furnish their outward supply details in GSTR-1 by the due date so that no difficulty is faced by their buyers in availing ITC and the return cycle can be completed in due course," it added.

The release further noted that once the taxpayer files GSTR-1, the corresponding entries in GSTR-2A of his buyer shall get auto populated. The buyer shall then finalize his GSTR-2 after making modifications (additions, corrections or deletions), if required, in GSTR-2A. The ITC shall be availed by the buyer based on his GSTR-2, it noted.