23 Oct 2018, 10:12 — 2 min read
To ensure greater compliance, the government has announced a one-time late fee waiver for the returns filing under GSTR-1 for the period of July 2017-September 2018 until October 31 of this year.
It is observed that the number of taxpayers who have filed summary sales returns FORM GSTR-3B is substantially higher than the number of taxpayers who have furnished FORM GSTR-1. GSTR-1 is the return filed for claiming returns on sales made by businesses. As per the provisions of the GST law, non-furnishing of FORM GSTR-1 is subject to late fees and penalties. To encourage taxpayers of GSTR-1, one-time scheme to waive off late fee payable for the delayed furnishing of FORM GSTR-1 for the period from July 2017 to September 2018 till 31st October 2018 has been launched.
For all registered persons having an aggregate turnover above INR 1.5 crores, the due date for furnishing FORM GSTR-1 for the period from July 2017 to September 2018 has been extended till 31st October 2018.
For taxpayers having an aggregate turnover of up to Rs 1.5 crores, the due date for furnishing FORM GSTR-1 for the quarters from July 2017 to September 2018 has been extended till 31st October 2018.
As per the section 16 (4) of the Central Goods and Services Tax Act, 2017 it is clarified that 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.
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Posted byRavi Haresh Kariya
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