As per the current new GST regime, for the month of July, the GST needs to be paid by August 20 and only then the complete details of the GST payment can be filed via form 3B but for those taxpayers who wish to avail the transitional input tax credit, the government on Thursday has extended the due date of filing return to August 28, 2017.

The extension has been made after taxpayers cited concerns that on the GSTN portal there was unavailability of the form for claiming input tax credit. Nonetheless, with the concerns raised, the finance ministry has assured individuals that the form shall be made available on the site beginning August 21.

In a statement, ministry of Finance said, "In view of this, a small window of opportunity is being given to all the taxpayers... taxpayers who want to avail the transitional input tax credit should also calculate their tax liability after". "They have to make full settlement of the liability after adjusting the transitional input tax credit before 20th August, 2017. However, in such cases, they will get time up to 28th August, 2017 to submit Form TRANS I and Form 3B."

The ministry also informed taxpayers that any deficit in the amount paid in respect of the "amount payable on submission of Form 3B" shall have to be paid off together with the interest @ 18% from August 21 and until the payment of such difference amount is left unpaid.

Goodreturns.in