|Government data has revealed that more people have been filing GSTR-3B than GSTR-1. To allow taxpayers to comply with GSTR-1, the government has announced the following due date extensions.|
|GSTR-1 due date extension|
|Those with turnover above Rs 1.5Cr – Monthly GSTR-1 for the months July 2017 till September 2018 can be filed by 31st October 2018. Late fee for filing for these months has also been waived off.
Those with turnover up to Rs 1.5Cr – Quarterly GSTR-1 for all Quarters from July 2017 to September 2018 can be filed by 31st October 2018. Late fee has been waived for the delayed filing.
|GSTR-3B due date|
|Please note that filing for GSTR-3B remains the same as before. GSTR-3B for the month of August must be filed by 20th September 2018. And GSTR-3B for the month of September must be filed by 20th October 2018.
It’s important you finish this compliance for FY 2017-18. Credit of invoices pertaining to FY 2017-18 cannot be claimed after filing September 2018 returns. Similarly, any credit or debit notes pertaining to FY 2017-18 must be completed when filing of GST return for September 2018. Doing this requires extensive reconciliation between your purchases and sales reported by your sellers. Basically, a match between your ITC claim vs your GSTR-2A. ClearTax can help you do this. Our intelligent algorithms can identify gaps and mismatches and point you to errors so that you can correct your data and claim ITC properly. Ask us how today!