GST returns filing: Know the difference between GSTR-1, GSTR-2, GSTR-3
Ministry of Finance, on Saturday tweeted saying, "GSTR 1 is to be filed by all taxpayers by 5th of September 2017. GSTR 2&3 to be filed by all taxpayers by 10th and 15th of Sept 2017 respectively.
The government has waived the penalty of Rs per day for taxpayers who failed to file the first Goods and Service Tax returns within the deadline. However, the taxpayers will have to bear the interest on late payment of dues.
Earlier, Finance Minister Arun Jaitley had said that the taxpayers who failed to meet the deadline will have to bear a penalty of Rs 200 per day -- Rs 100 for Central GST and Rs 100 for State GST.
This is just an initial stage for taxpayers to get used to the GST return filing. The taxpayers need to file 37 returns every year. Thus, having confusions related to the filing is unavoidable.
Ministry of Finance, on Saturday tweeted saying, "GSTR 1 is to be filed by all taxpayers by 5th of September 2017. GSTR 2&3 to be filed by all taxpayers by 10th and 15th of Sept 2017 respectively.
This means, taxpayers have only two days to file GSTR1, seven days for GSTR-2 and 12 days for GSTR-3. These returns are for the month of July.
To make it simple, a taxpayer needs to know difference between the three returns. Here's a simple guide to them:
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
Senior Citizen Latest FD Rates: Know what major banks like SBI, PNB, Canara Bank, HDFC Bank, ICICI Bank are providing on fixed deposits
Gratuity Calculator: Rs 38,000 as last-drawn basic salary, 5 years and 5 months of service; what will be gratuity amount?
EPFO Pension Schemes: Early pension, retirement pension, nominee pension and 4 other pension schemes that every private sector employee should know
Top 5 Small Cap Mutual Funds with best SIP returns in 1 year: See how Rs 25,000 monthly investment has grown in each scheme
Top 7 SBI Mutual Funds With Best SIP Returns in 1 Year: Rs 25,000 monthly SIP investment in No.1 fund has jumped to Rs 3,58,404
10:57 AM IST