The new GST regime has met with mixed reviews since its introduction, whilst most small businesses have found the filing procedures cumbersome and tedious, the common man too, has been affected by the terms of compliance and tax slabs. Hence, in a bid to ease this burden, on the 10th of November 2017, the 23rd GST Council Meeting was held in Guwahati, which has brought forth key decisions and changes that will enhance the ease of doing business in the country.
To this end, we have summarized the key decision and changes announced regarding GST Returns, Due Dates and the Composition Scheme.
- Change in the Due Date for GSTR – 3B:
GSTR-3B is a monthly return that needs to be filed every month, until December 2017 as per the 22nd Council Meeting. However, the 23rd Council meeting has now ordained that GSTR-3B must be filed for each month from July 2017 to March 2018 and the due date for it will be the 20th of every successive month.
- Change in the Due Date for GSTR – 1:
The new due dates for the filing of GSTR-1 until March 2018, have now been scheduled as per the aggregate turnover of businesses. The new schedule is as follows:
- Businesses with Annual Turnover Less than Rs. 1.5 Crores:
Businesses with Annual Turnover less than Rs.1.5 crores can file quarterly returns as follows
|Quarter||GSTR 1 Return Due Date|
|July – September 2017||31st December 2017|
|October – December 2017||15th February 2018|
|January – March 2018||30th April 2018|
- Businesses with Annual Turnover More than Rs. 1.5 Crores:
Businesses with Annual Turnover more than Rs.1.5 crores need to file monthly returns as follows
|Month||GSTR 1 Return Due Date|
|July 2017||31st December 2017|
|August 2017||31st December 2017|
|September 2017||31st December 2017|
|October 2017||31st December 2017|
|November 2017||10th January 2018|
|December 2017||10th February 2018|
|January 2018||10th March 2018|
|February 2018||10th April 2018|
|March 2018||10th May 2018|
- The filing of GSTR-2 and GSTR-3 Returns has been suspended until further notice, while GSTR-1 needs to be filed as per the schedule mentioned above.
- Reduction and Waiver in Late Filing of GST Penalty:
- For the months of July, August and September 2017, the government has waived the penalty for the late filing of GST. In case of any penalty already paid, the money will be credited to the ECL.
- For NIL GST Returns, in addition to the waiver, the government has also declared a reduction in penalty, from Rs. 200 a day to Rs. 20 a day, which will greatly help SMEs and fresh entrepreneurs
- Change in the Due Date for GSTR-4:
GSTR-4, which is filed under the Composition Scheme quarterly on the 18th of October, January, April, and July respectively, now has to be filed on the 24th of December 2017 for the July – September 2017 quarter. The filing dates for the subsequent quarters will be announced in due time by the council.
- Change in the Due Date for GSTR-5:
GSTR-5 and GSTR-5A, which were earlier to be filed monthly, now need to be filed on the 11th and 15th of December 2017 respectively, for the month of July 2017.
- Change in the Due Date for GSTR-6:
Originally due every month, now the due date for GSTR-6, has been extended until the 31st December 2017.
- Change in the Due Date for GST TRAN-1:
The due date for GST TRAN-1 has now been extended until the 31st of December 2017, any taxpayers who have already filed GST TRAN-1, can also revise their return and re-submit it till the 31st of December 2017
- Change in the Due Date for GST ITC-04:
GST ITC-04 for the months of July – September 2017, has now been extended until 31st December 2017.
If still confused about how to make your business GST compliant and filing GST returns, reach out to us and let us help you with all your GST related queries. You can also file your returns via our hassle-free GreenGST software, while we assist you at each step of the way.