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. Th...
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.
It is clear from press release (given below) 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-Ã -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.
Salient points for filing the said return are as follows:
A. Registered persons planning not to avail transitional credit for discharging the tax liability for the month of July, 2017 or new registrants who do not have any transitional credit to avail need to follow the steps as detailed below:
B. Registered persons planning to avail transitional credit for discharging the tax liability for the month of July, 2017 need to follow the steps as detailed below:
(press release)Salient points for filing the said return are as follows:
A. Registered persons planning not to avail transitional credit for discharging the tax liability for the month of July, 2017 or new registrants who do not have any transitional credit to avail need to follow the steps as detailed below:
- I. Calculate the tax payable as per the following formula:
- Tax payable = (Output tax liability + Tax payable under reverse charge) – input tax credit availed for the month of July, 2017;
- II. Tax payable as per (I) above to be deposited in cash on or before 20.08.2017 which will get credited to electronic cash ledger; I
- II. File the return in FORM GSTR-3B on or before 20.08.2017 after discharging the tax liability by debiting the electronic credit or cash ledger.
B. Registered persons planning to avail transitional credit for discharging the tax liability for the month of July, 2017 need to follow the steps as detailed below:
- I. Calculate the tax payable as per the following formula:
- Tax payable = (Output tax liability + Tax payable under reverse charge) – (transitional credit + input tax credit availed for the month of July, 2017);
- II. Tax payable as per (I) above to be deposited in cash on or before 20.08.2017 which will get credited to electronic cash ledger;
- III.File FORM GST TRAN-1 (which will be available on the common portal from 21.08.2017) before filing the return in FORM GSTR-3B;
- IV.In case the tax payable as per the return in FORM GSTR-3B is greater than the cash amount deposited as per (II) above, deposit the balance in cash along with interest @18% calculated from 21.08.2017 till the date of such deposit. This amount will also get credited to electronic cash ledger; V. File the return in FORM GSTR-3B on or before 28.08.2017 after discharging the tax liability by debiting the electronic credit or cash ledger.
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-Ã -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
Read [How to File GST return 3B]
Read [How to File GST return 3B]
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