Latest update on Return Filing in GST
The return filing procedure is an important aspect of GST filing. In the case of return filing, every person registered under GST Act has to periodically furnish the details of sales, purchase, tax paid and collected thereon by filing a return with GST Authorities.
As per the nature of the transaction, Return Forms are applicable for Normal Taxpayers and they have their respective due dates.The monthly details of outward supplies in FORM GSTR-1 is to be filed by the 10th of next month whereas monthly details have to be filed about the inward supplies in FORM GSTR-2 by the 15th of next month. The monthly Filing of Return in FORM GSTR-3 is to be carried out by the 20th of next month.
For all such return filing, a common portal called GSTN portal is provided which will ease out the taxation procedure. The slow compliance with the GST return filing led the GST council in their 17th meet ultimately to decide that they will introduce the return filing post-September month.
The concerns expressed by the trade and industry regarding filing of the returns in the GST regime has got a positive response from the GST council which led to the announcement of two months relaxation period in the filing of returns by the traders and now they are happy and will get more time to comply with the GST law.
Till date, there are lots of SMEs and MSMEs who are still in the process of getting aware of the filing procedure. The GST counseling is now giving relief and has given a new form called GSTR 3B that will need to be filed by August 20 for July and September 20 for August, Mr. Adhia said. “The invoice-wise details needed in GSTR 1 for July can be filed by September 5, and for August by September 20,” he added.