The government asked businesses to file final GST returns for the month of July by Tuesday as it ruled out any extension to the due date."An extension of two months has already been given. There will be no further extension given to taxpayers for filing their GSTR-1 return for July. Taxpayers who have not yet filed their GSTR-1 for July are advised to do so immediately," the finance ministry said in a statement.
Once a taxpayer files GSTR-1 by October 10, the corresponding entries in GSTR-2A of his buyer shall get auto-populated. What Are The Major Benefits or Advantages Of GST?
The buyer shall finalize his GSTR-2 after making modifications, if required, in GSTR-2A and avail the Input Tax Credit (ITC).
"If a taxpayer does not file GSTR-1 by October 10, then his buyer may face difficulty in availing ITC of the tax paid on his supplies," it said.
The ministry said all suppliers of goods or services, especially B2B suppliers, furnish their outward supply details in GSTR-1 by the due date so that no difficulty is faced by
their buyers in availing ITC.
As per the latest figure, about 53 lakh taxpayers had filed the GSTR-3B return for the month of July 2017. An equal number of taxpayers need to file GSTR-1 by October 10, 2017. The government has already collected over Rs. 95,000 crore as GST in July, the first month of roll out of the Goods and Services Tax. GST: These Companies Are Cutting Price For Products