Last date to file GSTR-1 for July 2017, No more extension
Shimla: October 10 is the last date for filing GSTR-1 for the month of July 2017. As per the data available by October 9, there were over 1.4 million businesses which have not filed their GSTR-1
The government has made it clear that an extension of two months has already been given and that there will be no further extension given to taxpayers.
GST Network (GSTN has sent reminder SMS and emails twice to the businesses who have not filed their GSTR-1.
Once a taxpayer files GSTR-1 by October 10, the corresponding entries in GSTR-2A of his buyer would get auto-populated.
The buyer should finalize his GSTR-2 after making modifications (additions, corrections or deletions), if required, in GSTR-2A.
The Input Tax Credit (ITC) should be availed by the buyer based on his GSTR-2.
If a taxpayer does not file GSTR-1 by 1today, then his buyer may face difficulty in availing ITC of the tax paid on his supplies.
The government has, therefore, advised all suppliers of goods or services, especially B2B suppliers to furnish their outward supply details in GSTR-1 by the due date.
It would ensure that no difficulty is faced by their buyers in availing ITC and the return cycle can be completed in due course, said the government.
Photo: Economic Times