Deadline for filing GST returns extended to August 28

NEW DELHI: The government on Thursday extended the deadline for businesses to file their goods and services tax( G ST) returns for July, the first month since implementation of the indirect tax, in cases where credit for taxes paid under the previous indirect tax system is being claimed.

A statement issued by the Central Board of Excise and Customs said that the extension till August 28 applies only to filing of returns where credit is being claimed, and not for remitting the applicable tax amount for July, the deadline for which remains August 20.

Even those availing of the extended deadline for filing returns have to calculate their tax liability after adjusting for the applicable tax credit and make payment by August 20. Any short fall will attract 18% interest. For taxpayers, who do not want to claim credit for taxes paid under the previous regime to settle their GST liability, the deadline for filing returns remains August 20, the statement said.

The decision to give extra time for filing GST returns and claiming tax credits was taken because the form for claiming tax credit, called ‘Trans 1’, is not available.

“Concerns have been raised about the form for claiming transitional input tax credit not being available on the GST Network (GS TN) website. This form will be available on the GSTN website from August21. GSTN is the company that processes tax returns.

Businesses only need to file a summary of their tax liability, and not invoice-level details, in August.