The Goods and Services Tax (GST) Council has extended by 10 days the due date for filing sales returns for the July-September quarter for small businesses and monthly returns up to October by larger entities.
As per a notification issued by CBEC on Friday, based on a decision of the Council, small businesses with turnover up to Rs 1.5 crore, which were to file the first quarterly GST return relating to supplies in the GSTR-1 form by 31 December, can now file it by 10 January.
Also, entities with turnover above Rs 1.5 crore, which were to file monthly returns on supplies for the July-October period by 31 December, can do so by 10 January. These businesses also have to file their returns for sales in the month of November by 10 January, the original deadline for the month, which remains unchanged. For subsequent months, the filing date will be the 10th of the succeeding month.
The extension is expected to enable more tax payers to comply with the statutory filing requirement. Abhishek Jain, tax partner at EY, said the move will bring “quite a relief to businesses who have been struggling with system and data issues and file returns.”
Due to tax rate cuts and lenient implementation, GST revenue collection has declined in December to Rs 80,808 crore, a 14% drop from the collections in August, the first month of tax collection and return filing under the new indirect tax system that kicked in on 1 July.
Source: Live Mint