GSTR-3B filing date has NOT been extended for all

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GSTR-3B filing date has NOT been extended for all:

  • There are rumours floating around that the last date for payment of GST and filling of return  in FORM 3B is being extended by a week.
  • These rumours are unsubstantiated.
  • There is no change in the last date for payment of GST as per the self-assessed liability.
  • However for taxpayers who want to claim transitional credit the time period for only filing of return in FORM3B is extended by one week.
  • However even those taxpayers will settle self-assessed liability ( after adjusting transitional ITC) of GST by 20th August.
On Clarification regarding availability of Transitional Credit for GST 

As per the rules, the Goods and Services Tax (GST) for the month of July 2017 has to be paid by 20th August, 2017. Only after the payment of full GST, return in summary Form 3B can be filed. 

Concerns have been raised about the form for claiming transitional input tax credit not being available on the GSTN website. This form will be available on the GSTN website from 21st August, 2017. In view of this, a small window of opportunity is being given to all the taxpayers. For those taxpayers who do not want to claim any transitional input tax credit have to necessarily pay the tax and file return in Form 3B before the due date of 20th August, 2017. The taxpayers who want to avail the transitional input tax credit should also calculate their tax liability after estimating the amount of transitional credit as per Form TRANS I. 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 upto 28th August, 2017 to submit Form TRANS I and Form 3B. In case of shortfall in the amount already paid vis-à-vis the amount payable on submission of Form 3B, the same will have to be paid with interest @ 18% for the period between 21stAugust,2017 till the payment of such differential amount. 

It is clear from this press release by the Ministry of Finance that  those taxpayers who do not want to claim any transitional input tax credit have to necessarily pay the tax and file return in Form 3B before the due date of 20th August, 2017

Also: In case of shortfall in the amount already paid vis-à-vis the amount payable on submission of Form 3B, the same will have to be paid with interest @ 18% for the period between 21st August,2017 till the payment of such differential amount.

 
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