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Extension of GSTR-1 due dates

Taxpayers can file GSTR-1 either monthly or quarterly.

Those with turnover of more than Rs 1.5 crore must file a monthly GSTR-1

Taxpayers of turnover up to Rs 1.5 crore can file a quarterly GSTR-1.

Every taxpayer must choose the option of monthly or quarterly on the GSTN portal. Taxpayers with turnover of less than Rs 1.5 crore may choose to file a monthly GSTR-1 if they want to.

The government has extended the due dates of filing of GSTR-1.

Quarterly filing option:

GSTR 1 for the Period	Due Date
July-September 2017	10th January 2018
October - December 2017	15th February 2018
January - March 2018	30th April 2018

Monthly filing option:

GSTR 1 for the Period	Due Date
July, August, September, October, November 2017	10th January 2018
December 2017	10th February 2018
January 2018	10th March 2018
February 2018	10th April 2018
March 2018	10th May 2018

Composition rate notified for Manufacturers

A total composition rate of 1% (0.5% SGST and 0.5% CGST) was proposed in the 23rd GST Council meeting. This rate has now been notified via Notification no 1/2018- Central Tax dated 1st January 2018.

Late Fee

GSTR-4 for composition taxpayers was due on 24th December 2017. Late fee is applicable where return has not been filed on time. The late fee for late filing of GSTR-4, where tax is due is Rs 50 per day and for nil return is Rs 20 per day

CMP-03

After opting for composition scheme, a taxpayer has to report the stock held by them on the day of opting into the scheme. The stock details have to be provided in Form GST CMP-03. The due date for filing of CMP-03 has been extended to 31st January 2018.

Important clarifications from CBEC

Here are some important aspects of GST Compliance

1.    Taxpayers have to self-calculate turnover for opting for monthly or quarterly filing

2.    Taxpayers may opt to file monthly return even where turnover is less than Rs 1.5crores if they want to. This will help their buyers reconcile their input tax credit on a monthly basis. And will be useful when GSTR-2 filing begins.

3.    Since GSTR-3B cannot be revised, errors can be revised while filing GSTR-1 and GSTR-2 of the same month.

4.    GSTR-2 and GSTR-3 will be worked out by a Committee of officers and announced at a later date.

5.    The system will then automatically reconcile GSTR-3B with Form GSTR-1 and Form GSTR-2 and discrepancies will be offset against tax payable or added to tax payable as the case may be. This will be implemented at a later date.

6.    The department has clarified common errors faced while filing GSTR-3B and the steps to be taken to resolve the same. These can be seen in detail here.

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