The Government has tweeted on its official twitter handle for queries on GST about the extension of due dates for submission of detailed returns in Forms GSTR 1, GSTR 2 and GSTR 3 for the months of July and August, 2017. The formal notification for extending the timelines is expected shortly. The revised compliance timelines are as follows:
Many taxpayers were facing challenges and experiencing lot of errors during preparation and uploading of returns. The decision to extend the due dates is a great relief to the industry since many companies (large, medium as well as small) were not adequately prepared for this timeline. The concern was mainly on account of the matching principle, since non-filing of GSTR-1 would result in buyer not getting the credit for the supplies (which would have been considered by him for tax payment for July). It is important to note here that the Government has extended the due dates by 15 days (except in one case), which would give the industry and the GSTN adequate time to prepare and stabilise. While the formal notifications are awaited, it is expected that the due dates for submission of returns of an input service distributor and non-resident online information and database access and retrieval service providers would also be extended. The next immediate event to watch out for is the GST Council meeting scheduled for 09 September 2017.
Bildquelle: Katharina Wieland Müller / pixelio.de