14 lakh biz yet to file July GSTR-1, no extension of due date

The government today asked 14 lakh businesses to file final GST returns for the month of July by tomorrow and announced that the due date of October 10 will not be extended further.

Till 1900 hours today, 39 lakh businesses had filed the final sales returns or GSTR-1 out of 53 lakh who are scheduled to submit the tax form.

GST Network (GSTN), the IT backbone for the new indirect tax regime, has sent reminder SMS and emails twice to the businesses who have not filed their GSTR-1.

The government has already extended the deadline for filing GSTR-1 for July by two months.

"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," 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.

About 53 lakh taxpayers had filed GSTR-3B return for the month of July 2017. The same number of taxpayers need to file GSTR-1 by October 10.

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.

(This article has not been edited by Zeebiz editorial team and is auto-generated from an agency feed.)