GST Filing of returns extended

Guwahati Nov 11: The GST council in a move to give relief to taxpayers has taken some crucial decesions. The decisions are

# To increase the threshold limit from 1 crore to 1.5 Crore and the Act would be amended to increased the limit to Rs 2 crore.

# The tax rate for manufacturers under composition scheme has been reduced to 1 % from 2 %.

# Traders and shopkeepers would pay 1 % tax only on taxable items under the composite scheme and not total turnover.

# The late fee for filing from Rs 200 per day has been reduced

nil taxability - Rs 20 per day

others- Rs 50 per day

The council has also decided the process of filing returns these include

# In the current year, all taxpayers will have to file only GSTR-1.

# Taxpayers can file GSTR-3B until March 31, 2018

The Revised list of dates is as follows

GSTR-1 for taxpayers less than RS 1.5 crore quarterly basis

# July-Sep -31 Dec 2018

# OCt-Dec 15 Feb 2018

# Jan-Mar 30 April 2018

GSTR-1 for taxpayers above Rs 1.5 crore Monthly return dates

July- OCT 31 Dec 2017

NOV -10 Jan 2018

DEC- 10 Feb 2018

Jan- 10 Mar 2018

Feb -10 Apr 2018

Mar -10 May 2018

A Committee of Officers has been appointed to review the filing of GSTR-2 and GSTR-3.

The Officers said that The Filing of GSTR-3B would be simplified so that the taxpayers can file the returns in 2-3 steps.

The council has also revised the dates of some others forms

# GST ITC -04 for the Quarter of July-September 2017 - 31 DEC 2017

# GSTR-4 Quarter July-sept 2017 -24 OCT 2017

# GSTR-5 for July 2017 -11 DEC 2017

# GSTR-5 A of July 2017 -15 DEC 2017

# GSTR-6 for July 2017 -31 Dec 2017

# Tran-1 31-DEC 2017 (one-time revision option is also given)