
GST Return Due in July, August and September
GST is set to be implemented in India from 1st of July, 2017. GST Portal has opened GST registration and GST migration for existing taxpayers registered under service tax, VAT or central excise would continue for another 3 months. To ease the transition to GST for all taxpayers, the GST Council has decided to relax the GST filing requirement for the first three months after GST implementation.GSTR-1 Return Filing Due in September
GSTR-1 or the statement of outward supplies must be filed on or before the 10th of every month. GSTR-1 is used to file details of all supplies made by a taxpayer in the previous month and record the tax liability of the supplier. The first GSTR-1 filing is now due only on 5th September 2017. The GSTR-1 return filed in 5th September, 2017 would be the GSTR-1 return due in July. After filing of GSTR-1 on 5th September, 2017, the taxpayer must file GSTR-1 on 20th September, 2017. The GSTR-1 return filed on 20th September, 2017 would be the GST return due in August.GSTR-2 Return Filing Due in September
GSTR-2 or the statement of inward supplies is used to file and verify details of input tax credit accrual received during the previous month. GSTR-2 is usually due on the 15th of each month. The first GSTR-2 filing is now due only on 10th September 2017. The GSTR-2 return filed in 10th September, 2017 would be the GSTR-2 return due in July. After filing of GSTR-2 on 10th September, 2017, the taxpayer must file GSTR-2 on 25th September, 2017. The GSTR-1 return filed on 25th September, 2017 would be the GST return due in August.GSTR-3B Return Due in July and August
GSTR-3B return must be filed by all taxpayers registered under GST in 20th August and 20th September, 2017. GSTR-3B is expected to be a simplified and consolidated return with consolidated details of inward and outward supply details.
No GST Penalty for Two Months
The Government has stated that no GST penalty will be levied for wrong or late filing of GST returns in the first two months of GST implementation. Further, the government would consider a review of the situation after three months to see if there is a need for course-correction. Know more about GST Penalty and Fines.Related Guides
Popular Post

Starting a small business can be a transformative venture, offering the exciting opportunity...

Tax deduction at source, shortly and popularly known as TDS, was introduced by the Income Tax...

Goods & Services Tax Certificate is issued to people who are registered under GST...

GST registration applies to all individuals and entities supplying goods or services in India. GST...

Gift tax in India is applied when the value of the received gift exceeds ₹50,000 in the...

The Union Budget 2025 has brought significant changes to India’s personal income tax structure, raising the...

The Goods and Services Tax (GST) is an indirect tax system introduced in India in 2017. It functions...

A trademark search is simply checking if another person or organization does not already own the...

Section 194H of the Income Tax Act in India mandates the deduction of Tax at Source (TDS) on commission or brokerage...

Section 80G Deduction is a facility available in the Income Tax Act which allows taxpayers to...

The Income Tax Department (ITD) has not provided specific guidance on crypto taxes for Indian investors. However...

Internal audit applicability is a critical concept for companies in India, impacting various...

In the business world, two main types of companies exist: private company and public company...

Ministry of Finance vide a Notification No 05/2022- Central Tax (Rate) dated 13.7.2022 has issued...

The Central Board of Indirect Taxes and Customs (CBIC) has recently announced an extension...

Depreciation is a key concept in finance and accounting. It helps us manage how the value of...

Form 10IA of the Income Tax Department must be filed by taxpayers claiming income tax deduction...

The Goods and Services Tax (GST) system in India has been a significant reform in the country's...

India's Gross Domestic Product (GDP) benefits significantly from the substantial...

The Finance Act, 2023 introduced the MSME 45-day payment rule under Section 43B(h) of the Income Tax Act...

The Direct Tax Vivad Se Vishwas (DTVSV) Scheme, 2024, was announced by Union Finance Minister...