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GSTR-1 late free deadline extended by another 7 days; check new date

GSTR-1 late free deadline extended by another 7 days; check new date

The government on Friday extended the deadline to avail waiver of fee chargeable on GSTR-1 from July 2017 to November 2019 from January 10 to January 17. In December 2019, the GST Council Council extended the deadline for filing Form GSTR-9 (Annual Return) and GSTR-9C (Reconciliation Statement) for FY18 to January 31, 2020 as against December 31, 2019 earlier. “The response to this waiver has been very encouraging and since announcement on 18.12.2019, 54 lakhs GSTR-1 have gotten filed till 09.01.2020.

On average, only about 25 lakh monthly GSTR1s get filed,” Finance Ministry tweeted. “In the view of such huge response, which would lead reduction in unmatched credit, it has been decided to extend the said amnesty scheme from 10th January 2020 to 17th January 2020,” it also said. In November 2019, the due date for filing the annual return (GSTR-9) and reconciliation statement or audit report (GSTR-9C) was extended to December 31, 2019 as against November 30, 2019 earlier.

The forms were also simplified forms so that the GST taxpayers could file their returns on time. GST is an indirect tax (or consumption tax) on the supply of goods and services. It is a comprehensive, multistage, destination-based tax: comprehensive because it has subsumed almost all the indirect taxes except a few state taxes. Do you know What is Cash Reserve Ratio (CRR), Finance Bill, Fiscal Policy in India, Expenditure Budget, Customs Duty? FE Knowledge Desk explains each of these and more in detail at Financial Express Explained. Also get Live BSE/NSE Stock Prices, latest NAV of Mutual Funds, Best equity funds, Top Gainers, Top Losers on Financial Express. Don’t forget to try our free Income Tax Calculator tool.

Source: https://www.financialexpress.com/

 

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