Govt asks taxpayers to file final July GST returns by October 10 - Hindustan Times
close_game
close_game

Govt asks taxpayers to file final July GST returns by October 10

Press Trust of India, New Delhi | ByPress Trust of India, New Delhi
Oct 09, 2017 08:26 PM IST

Once a taxpayer files GSTR-1 by October 10, the corresponding entries in GSTR-2A of his buyer shall get auto populated.

The government today asked businesses to file final GST returns for the month of July by tomorrow as it ruled out any extension to the due date.

Arun Jaitley at the 22nd meeting of the GST council in New Delhi on Friday.(PTI Photo)
Arun Jaitley at the 22nd meeting of the GST council in New Delhi on Friday.(PTI Photo)

“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.

Hindustan Times - your fastest source for breaking news! Read now.

“Taxpayers who have not yet filed their GSTR-1 for July are advised to do so immediately,” the finance ministry said in a statement.

Once a taxpayer files GSTR-1 by October 10, the corresponding entries in GSTR-2A of his buyer shall get auto populated.

The buyer shall finalise his GSTR-2 after making modifications, if required, in GSTR-2A and avail the Input Tax Credit (ITC).

“If a taxpayer does not file GSTR-1 by October 10, then his buyer may face difficulty in availing ITC of the tax paid on his supplies,” it said.

The ministry said 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.

As per the latest figure, about 53 lakh taxpayer had filed GSTR-3B return for the month of July 2017. An equal number of taxpayers needs to file GSTR-1 by October 10, 2017.

The government has already collected over Rs 95,000 crore as GST in July, the first month of roll out of the Goods and Services Tax.

Unlock a world of Benefits with HT! From insightful newsletters to real-time news alerts and a personalized news feed – it's all here, just a click away!- Login Now!
Stay informed on Business News along with Gold Rates Today, India News and other related updates on Hindustan Times Website and APPs
SHARE THIS ARTICLE ON
Share this article
SHARE
Story Saved
Live Score
OPEN APP
Saved Articles
Following
My Reads
Sign out
New Delhi 0C
Friday, March 29, 2024
Start 14 Days Free Trial Subscribe Now
Follow Us On