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
EPFO Pension Schemes: Early pension, retirement pension, nominee pension and 4 other pension schemes that every private sector employee should know
Tata Motors, Muthoot Finance and 3 more: Axis Direct recommends buying these stocks for 2 weeks; check targets, stop losses
08:47 PM IST