For all the people who are right now tensed because of the GST Return as this is filing tax returns and as of now the current deadline announced on 28th August which is the ultimate filing tax returns, and this one is the great news. The Government, on Thursday, declares that they extended the deadline for filing taxes and now it turns to be 28th August the last deadline to fill the GST taxes for the public in the Nation.
This brings a major relief for the tax payers and now will be able to file it whenever they wish for these days. The date was notified as August 20th earlier but now it’s declared 28th August means public get extended days for one week. The explanation and clarifications were issued by the finance ministry post apprehension were raised by industry that TRANS-I, the form for claiming transitional input tax credit, was not available on the GST Network (GSTN) media portal. So the deadline for filing GSTR 3B, and that is a summary of self-assessed tax liabilities with combines details of outward supplies and input credit, was notified to be done on the 20th August.
GST Return Filing Deadline Extended to August 28th
This brand new statement quoted that, Concerns have been raised only to the form for claiming transitional input tax credit which right now doesn’t available at the GSTN website. This form will be available and go viral on the GSTN website from August 21, 2017.
The time limit for payment of the tax, that is, GST as per self-assessment applies for that taxpayer who wishes to see the transitional input tax credit, and it will be present as the unmovable in 20th August.
The taxpayers who wish to benefit the transitional input tax credit is said to 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 which needs to be adjusted on the input tax credit before 20th August 2017.
The further statement said that in the case of shortfall in the amount already paid vis-a-vis the amount payable on submission of Form 3B, this amount will need to be paid with interest of 18 per cent for the period between August 21, 2017, till the payment of such degree of difference between the amount.
The GST Council already previously started to fill the returns on self-assessment groundwork and also yanked the return filing deadlines in the initial time of the 2 months. The container for the GST rollout as well as the news regarding the issue comes out from the 1st July.
GSTN system is competent of handling even half of a total load of filers on the last two days as the unemployment and being jobless news comes out which was built strictly based on a study that showed the same return-filing trend yet in the VAT regime.
