Skip to main content

Last date for filing GSTR-2, 3 extended by a month

Last date for filing GSTR-2, 3 extended by a month
GSTR-2 is the most important return for GST compliance since the availability of input tax credit depends on it
The government on Monday once again extended the deadline for filing the goods and services tax (GST) returns for purchases and input-output transactions for July. 
The last date for filing purchase return, or GSTR-2, was extended to November 30, from October 31. That of input-output transactions, or GSTR-3, was put off to December 11, from November 10. 
“To facilitate trade, the last date for filing GSTR-2 and GSTR-3 for July 2017 has been extended to November 30 and December 11, respectively,” a government tweet said.
Archit Gupta, chief executive officer, ClearTax, said, “The earlier last date for filing GSTR-2 coincided with the deadline for submission of audited income tax returns and as such was putting a strain on some taxpayers.”
GSTR-2 is the most important return for GST compliance since the availability of input tax credit depends on it.
M S Mani of Deloitte said that the extension will enable many more taxpayers to file returns. “The challenges faced by some of the taxpayers in dealing with mismatches in GSTR-2 would hopefully get resolved in November,” he added.
The GST Council had, in its meeting in September, extended the deadline for filing GST returns by a month, amid technical glitches faced by assessees on the GST Network (GSTN) portal. The extension of deadline will give more time to taxpayers to file input tax credits, take remedial action for mismatches, and enable accurate filing. 
The Council constituted a group of ministers (GoM) led by Bihar Deputy Chief Minister Sushil Modi to look into taxpayers’ concerns with respect to return filing on the GSTN portal.
The decision to extend the deadline comes after the GoM on GSTN met on October 28 in Bengaluru to review the issues faced during GSTN filings. Tejas Goenka of Tally Solutions said this is the first time everyone is dealing with the invoice matching process. 
“This is not going to be easy. It is important to get started on this early despite the extension,” he said. 
Goenka said most businesses will need to speak with their suppliers to ensure both parties are aligned. 
In the coming days, the big challenge for the GST Council and the GoM will be to review the invoice matching functionality of the GST. Infosys has already fixed some bugs, based on feedback from states.  The GSTN vendor and software major had won the Rs 1,380-crore contract to implement the GSTN and maintain it for five years in September 2015.
The Business standard, New Delhi, 31th October 2017 

Comments

Popular posts from this blog

Shrinking footprints of foreign banks in India

Shrinking footprints of foreign banks in India Foreign banks are increasingly shrinking their presence in India and are also becoming more conservative than private and public sector counterparts. While many of them have sold some of their businesses in India as part of their global strategy, some are trying to keep their core expertise intact. Others are branching out to newer areas to continue business momentum.For example, HSBC and Barclays Bank in India have got out of the retail business, whereas corporate-focused Standard Chartered Bank is now trying to increase its focus on retail “Building a retail franchise is a huge exercise and takes a long time. You cannot afford to lose it,” said Shashank Joshi, Bank of Tokyo-Mitsubishi UFJ’s India head.According to the Reserve Bank of India (RBI) data, foreign banks’ combined loan book shrunk nearly 10 per cent from Rs 3.78 trillion in fiscal 2015-16 to Rs 3.42 trillion last financial year. The banking industry, which includes foreign banks…

RBI rushes in to prop up falling rupee

RBI rushes in to prop up falling rupee India’s central bank reportedly intervened in the currency markets on Monday to prevent a further slide in the local unit, which breached the 67 mark to a dollar for the first time in 15 months amid a widening trade gap and runaway import bills fuelled by high crude-oil prices. Some state-owned banks were seen selling dollars aggressively, interventions that market dealers attributed to the central bank’s strategy to stem the decline of the Indian rupee against the US currency. The rupee is the worst performing among a dozen Asian monetary units in the past three months. It lost 4.25 per cent to the dollar during the period, show data from Bloomberg. On Monday, the Reserve Bank of India (RBI) is said to have sold about Rs 800 million collectively on the spot and exchange traded futures markets, dealers said. An email sent to RBI remained unanswered until the publication of this report. The currency market has seen such a strong central bank interven…

GST Refund of Rs 20,000 Cr Pending: Exporters’ Body

GST Refund of Rs  20,000 Cr Pending: Exporters’ Body Refund of over Rs 20,000 crore on account of Goods and Services Tax (GST) is pending with the government with more than half the amount stuck as input tax credit, Federation of Indian Export Organisations said on Tuesday. While claims over Rs7,000 crore were cleared in March, the amount was Rs 1,000 crore in April.However, after exporters’ request, the GST council and tax department are organizing a second phase of Special Refund Fortnight starting May 31, which will enable exporters to draw their refunds at a speedy pace. Many exporters have been unable to file the refund of input tax credit due to technical glitches, exports and claim happened in different months. The major challenge lies on ITC refund especially because the process is partly electronic and partly manual which is cumbersome and add to the transaction cost, the exporters’ body said. On IGST, refunds are getting delayed due to airline and shipping companies not submitt…