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Deadline To File GSTR-1 Extended To January 10
Infact, the filing of this return by businesses is cited by tax officials to help them fight tax evasion and any revenue losses
Businesses with a turnover of upto Rs. 1.5 crore which were earlier required to file the comprehensive GSTR-1 for July-September period by December 31st are now provided an extra time till January 10,, 2018. Other businesses can file the return for the period between July and November by January 10.
The GSTR-1 return including the sales data of the concern is important as the data in it is matched with the summary return or GSTR-3B filed on a month on month basis by taxpayers. The summary return features details such as input tax credit eligibility as well as tax liability. GSTR-1 comes handy when matching data at the dealer level. Also, the GSTR-1 data filed in respect of the outward supplies can be matched with the earlier filed GSTR-3B.
Infact, the filing of this return by businesses is cited by tax officials to help them fight tax evasion and any revenue losses. Due to excessive load by the IT network, the government had suspended the filing of GSTR-2 which along with GSTR-2 will find its way back from next fiscal year in April.
GSTR-1 for the period between July-October and November was required to be filed by December 31st and January 10 respectively while for following months, by 10th of successive months. From November businesses with a turnover of upto Rs. 1.5 crore could file the final GSTR-1 quarterly.
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