Deadline for claiming transitional credit extended, Apr-June GSTR-1 dates notified

The government has extended the date for filling up a form for claiming transitional credit by three months till June 30. Also, the Central Board of Excise and Customs (CBEC) has notified the deadline for businesses to fill up final sales return form GSTR-1 from April to June. The CBEC has notified the extension of date till June 30 for submitting Form GST Tran-2. It is a transitional form in which businesses have to disclose the deemed credits claimed by them on stock as on the date of implementation of GST.

“This extension is expected to bring substantial relief to traders who were struggling with system issues for filing the said form,” EY Partner Abhishek Jain said. PwC’s Partner and Leader Indirect Tax Pratik Jain said, this extension is a major relief for the industry, “specifically for those who have to claim deemed credit of opening stock as on July 1, 2017, which have been sold till December 31, 2017.”

Besides, giving effect to the decision by the GST Council earlier this month, the CBEC has notified the dates for filing GSTR-1. The Council had decided to continue with the present system of return filing till June. Accordingly the GSTR-1 for April will have to be filed by May 31, while that for the month of May by June 10.

For the month of June, it has to be filed by July 10. “The due dates for filing of GSTR-1 for the months of April, May and June have been significantly curtailed from earlier 40 days to 31 days for April and 10 days for May and June. The businesses now would need to be quite proactive in collation of data and filing of returns within the curtailed timelines,” Jain said.

He said the dates for filing of GSTR-1 indicates that the monthly return cycle shall soon be back in track. “It may be noted that for these two months, GSTR-3B (summary return) needs to be filed by 20th of the succeeding month, i.e. post filing of Form GSTR-1, which was happening other way round till date. The industry now needs to gear up with monthly compliances and undertaking the reconciliation exercise beforehand,” Jain said.

Get live Stock Prices from BSE and NSE and latest NAV, portfolio of Mutual Funds, calculate your tax by Income Tax Calculator, know market’s Top Gainers, Top Losers & Best Equity Funds. Like us on Facebook and follow us on Twitter.

Source: http://www.financialexpress.com/economy/deadline-for-claiming-transitional-credit-extended-apr-june-gstr-1-dates-notified/1115380/

Comments

Government is considering GST Relief package to reduce Covid Impact

For More related articles and updates, connect with us - LinkedIn- https://www.linkedin.com/in/aseem-aggarwal-1b365549/ Youtube - https://www.youtube.com/user/aseemaggarwal92 Twitter - https://twitter.com/aseem252 India is considering a goods and services tax (GST) relief package to counter the impact of Covid-19 and help prop up the economy, said people with knowledge of the matter. The package being considered could include a six-month suspension of GST payments for the worst-hit sectors such as restaurants, aviation and hospitality as well as a lower rate for the real estate sector. Other proposals include a switch to a cash-based principle of levying tax from the current invoice-based system and providing GST relief on sales for which payment is not received due to the lockdown by treating those as bad debts. These measures are expected to ease the liquidity pressure on businesses that are strapped for cash, said the people cited abov...

Investing in Gold: Bridging Tradition with Modern Strategies in India

Follow us on - LinkedIn - https://www.linkedin.com/in/aseem-aggarwal-1b365549/ Youtube - https://www.youtube.com/user/aseemaggarwal92 Twitter - https://twitter.com/aseem252 Blog - https://aseemconsult.blogspot.com/ Gold holds a special place in the hearts of Indians, deeply rooted in tradition and culture. For generations, it has been a symbol of prosperity, a hedge against economic uncertainties, and an integral part of auspicious occasions. As we step into the modern era, the allure of gold remains, but the ways we invest in it have evolved. Let's delve into the world where tradition meets contemporary investment strategies in the context of gold in India. The Timeless Appeal of Gold For centuries, Indians have revered gold not only for its aesthetic appeal but also for its intrinsic value. Traditionally, gold has been acquired in the form of jewelry, coins, or bars, often passed down through generations as a store of wealt...

GST officers to be soon armed with real-time data on vehicles moving without e-way bills

Follow us on - LinkedIn - https://www.linkedin.com/in/aseem-aggarwal-1b365549/ Youtube - https://www.youtube.com/user/aseemaggarwal92 Twitter - https://twitter.com/aseem252 Blog - https://aseemconsult.blogspot.com/ The government is working on a system to soon provide report to GST officers on a real-time basis for those vehicles which are moving without e-way bills, to help intercept stuck trucks at toll plazas and check GST evasion. The tax officers would also be provided analysis reports on identifying e-way bill EWB with no movement of goods as it would help officials identifying cases of circular trading. It would also provide reports on recycling of e-way bills for tax evasion prone commodities to help officers in identifying tax evaders. Under the Goods and Services Tax (GST) regime, e-way bills have been made mandatory for inter-state transportation of goods valued over Rs 50,000 from April 2018. However, gold is exemp...

KSA Infomatrix

Search This Blog