CBIC urges businesses to file various GST returns on time
NEW DELHI: The Central Board of Indirect Taxes and Customs (CBIC) has urged businesses to file on time various tax return forms falling due in the next few days as part of an online campaign to encourage compliance.
CBIC wants businesses to file the GSTR-1 form, relating to sales made in April, which falls due on Wednesday, to be filed on time. This form is an important part of the reporting framework in GST as tax credit is passed on to buyers of goods and services based on the supplies made by sellers, which are to be reported in GSTR-1.
Late filing of this return will result in late fee liability, CBIC said. The May 11 due date applies to those businesses that have not opted for a quarterly return filing facility.
The indirect tax body of the central government also urged businesses that are required to deduct tax at source under the GST system to file their GSTR-7 return for April on time. For them, the due date is May 10. “Late filing of GSTR-7 return will attract late fee and interest,” CBIC said on Monday.
Also, e-commerce players who are required to collect taxes at source have to file their GSTR-8 return form for April by Tuesday. Late filing of the return will also attract late fee and interest, the tax authority said.
Manufacturers liable to file tax returns on central excise duty for the month of April also have to file it by Tuesday or be liable to pay a late fee. Refinery products such as petrol and diesel attract central excise duty.
CBIC’s online appeal seeks to encourage voluntary compliance. Central and state authorities have been taking a series of steps to ensure compliance in the filing of returns as it also improves tax collections. Close monitoring of transactions in the economy has in the last few months improved GST revenue collections.