After low GST collection, govt extends GSTR-1 deadline till January 10, 2018
GSTR-1, which summarizes all outward supplies by normal and casual registered taxpayers, has total 13 sections and is based on your turnover.
Key Highlights:
- GSTR-1 previous deadline was December 31, 2017
- GSTR-1 has 13 sections based on turnover
- GSTR-1 involves outward supplies by registered taxpayers
After witnessing five-month low GST collection in November 2017, the government on Friday decided to extend the deadline for filing GSTR-1 return for all taxpayers till January 10, 2018.
Earlier, GST Council in its 23rd meeting had fixed the deadline for filing GSTR-1 till December 31, 2017.
GSTR-1, which summarizes all outward supplies by normal and casual registered taxpayers, has total 13 sections and is based on your turnover.
Businesses with a turnover up to Rs 1.5 crore need to file quarterly returns, while other taxpayers with a turnover above Rs 1.5 crore must file monthly GSTR.
A trader with a turnover below Rs 1.5 crore should file GSTR for quarter July - September on December 31, 2017. Similar deadline is fixed for taxpayers with a turnover above Rs 1.5 crore for the months of July, August, September and October.
Once a taxpayer files for GSTR 1, the government will utilize the information to auto populate GSTR 3 for the dealer and GSTR 2A for the dealers to whom supplies have been made.
GSTR-1 cannot be revised after filing returns. If you have made any mistake, you can only revise it in the next month. For example if a mistake is made in July GSTR 1, rectification for the same can be done in August's GSTR 1.
It may be noted that penalty for late filing for a Nil tax payer has also be been reduced to Rs 20 per day from earlier Rs 200 and for others it has been fixed at Rs 50 a day.
Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.
RECOMMENDED STORIES
Retirement Planning: SIP+SWP combination; Rs 15,000 monthly SIP for 25 years and then Rs 1,52,000 monthly income for 30 years
Top Gold ETF vs Top Large Cap Mutual Fund 10-year Return Calculator: Which has given higher return on Rs 11 lakh investment; see calculations
Retirement Calculator: 40 years of age, Rs 50,000 monthly expenses; what should be retirement corpus and monthly investment
SBI 444-day FD vs Union Bank of India 333-day FD: Know maturity amount on Rs 4 lakh and Rs 8 lakh investments for general and senior citizens
EPF vs SIP vs PPF Calculator: Rs 12,000 monthly investment for 30 years; which can create highest retirement corpus
Home loan EMI vs Mutual Fund SIP Calculator: Rs 70 lakh home loan EMI for 20 years or SIP equal to EMI for 10 years; which can be easier route to buy home; know maths
08:47 PM IST