Originally posted by : Deepak |
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100 Rs penalty per day maximum 5000 |
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The GST Council in its meeting on 18th June has confirmed that implementation of the new tax laws will not be delayed. However, companies have been given a 2-month relief in return filing.
Return Filing Relaxed For 2 Months
The Council has given businesses 2 months to prepare for the filing of GST returns which brings some relief.
Companies can file a single-page summary return in the GSTR-3B form on a self-declaration basis for the first two months – July and August – by the 20th day of the following month.
This means that the summary return for July must be filed by 20th August along with taxes (self-assessed). The return for August will be filed by September 20.
This will bring much relief to all companies who were requesting a delay in GST implementation because of a lack of preparation.
Filing of Invoices
GSTR-1 (sales details) for July must be filed by September 5. Deadline for GSTR-1 for August will be September 20.
GSTR-2 (purchase details) and GSTR-3 (monthly summary) for these two months will be filed thereafter. Both GSTR-2 & GSRT-3 will be auto-populated from GSTR-1.
This means the reconciliation of buyer and sellers returns for the first two months – July and August – will take place only after September 5 and 20, respectively.
No Late Payment Fees
There will not be any fees, interest, penalty for these 2 months. This will give a big relief as many will be prone to errors with GST being completely new.