New Delhi: With the objective of ensuring smooth rollout of GST, the Union Government on Sunday decided that for the first two months of GST implementation, the tax would be payable based on a simple return form. The Goods And Service Tax (GST) comes into effect from July 01, 2017.
The decision has been taking into account the concerns expressed by the trade and industry regarding filing of the returns in GST regime.
"For the first two months of GST implementation, the tax would be payable based on a simple return (Form GSTR-3B) containing summary of outward and inward supplies which will be submitted before 20th of the succeeding month", a government statement released on Sunday said.
"No late fees and penalty would be levied for the interim period. This is intended to provide a sense of comfort to the taxpayers and give them an elbow room to attune themselves with the requirements of the changed system", the statement issued by Ministry of Finance said.
"This not only underlines the government’s commitment towards ensuring that all the stakeholders are on board but also provides an opportunity to the taxpayers to be ready for this historic reform", it added.
However, the invoice-wise details in regular GSTR – 1 would have to be filed for the month of July and August, 2017 as per the timelines given below:
For the month of July 2017:
- GSTR - 3B should be filed by 20th August
- GSTR - 1 should be filed from 1st to 5th September
- GSTR - 2 should be filed from 6th to 10th September, 2017
For the month of August 2017
- GSTR - 3B should be filed by 20th September
- GSTR - 1 should be filed from 16th to 20th September
- GSTR - 2 should be filed from 21st to 25th September, 2017
GSTR – 2 will be auto populated from GSTR-1.
"Also, facility for uploading of outward supplies for July, 2017 will be available from 15th July, 2017", the Ministry of Finance said.