Last date for filing GSTR-1 for July 2017 to Sep 2018 extended till Oct 31

The Finance Ministry Monday extended the last date for filing final sales return GSTR-1 for July 2017 to September 2018 period till October 31 and also waived the late fee for the delayed filing of returns.

It said that the number of taxpayers who have filed summary sales return GSTR-3B is substantially higher than the number of taxpayers who furnished GSTR-1.

"In order to encourage taxpayers to furnish Form GSTR-1, a one-time scheme to waive late fee payable for delayed furnishing of GSTR-1 for the period from July 2017 to September 2018 till October 31, 2018, has been launched," the ministry said.

Under the Goods and Services Tax (GST), businesses with a turnover of over Rs 1.5 crore has to file final sales return or GSTR-1 by the 11th of next month. Accordingly, GSTR-1 for the month of September 2018, was required to be filed by October 11, 2018. This date has now been extended to October 31.

For taxpayers having aggregate turnover up to Rs 1.5 crore, the due date for furnishing GSTR-1 for the quarters from July 2017 to September 2018, too has been extended till October 31, 2018.

Businesses with a turnover of up to Rs 1.5 crore can file returns quarterly with returns for one quarter needed to be filed by the 31st day of next month.

"For registered persons having aggregate turnover up to Rs 1.5 crores in Kerala, or whose principal place of business is in Kodagu (Karnataka) and Mahe (Puducherry), the due date for furnishing GSTR-1 for the quarter July 2018 to September 2018 would continue to remain as November 15, 2018," the ministry said.

It further said that those taxpayers who will now be migrating to GST the last date for furnishing the details of outward supplies of goods or services or both in GSTR-1 and for filing the return in GSTR-3B for the months of July 2017 to November 2018 has been extended till December 31, 2018.

".... the registered person shall not be entitled to take input tax credit in respect of any invoice after the due date of furnishing of the return for the month of September following the end of financial year to which such invoice pertains; or furnishing of the relevant annual return, whichever is earlier. The taxpayers are thus, advised to furnish their returns on time to ensure that input tax credit does not become time barred," the ministry added.

AMRG & Associates Partner Rajat Mohan said, "This extension would entitle taxpayers to enjoy an additional window to correct their errors in tax filings before the tax credit for the recipients become time-barred for the financial year 2017-2018. Taxpayers should take this additional time to reconcile their books with customers before filing GSTR -1 for the month of September 2018".

Goods and Services Tax (GST), which subsumes 17 local taxes, was rolled out on July 1, 2017.