GST Return Filing Date extended to 25 August
Goods and Services Tax (GST) Council deadline for businesses and traders to remit their taxes and file returns for the month of July—the first month of GST has been extended from the earlier deadline of 20 August to 25 August.
As per Finance Ministry, the GST implementation panel decided to extend the deadline in view of requests from state authorities and tax practitioners. GST return dates extended also due to some “technical glitches that were experienced by last minute return filers.”
GST return filing last date extension comes as a relief to many income tax assessees and tax practitioners, who found difficulty in filing returns in the online portal of GST Network.
Finance Ministry is led by Arun Jaitley and the GST implementation panel takes decisions on matters which needs urgent attention are placed before the FM.
The official statement of Finance Ministry has clarified that the new deadline for GST return filing is 25 August, those tax assesses who want to take credit for the taxes they have paid in the earlier regime for meeting their final GST liability, the deadline for filing returns for them would be 28 August. Even they, have to remit their taxes by 25 August, taking into account the tax credits they are eligible for.
The statement said, “In order not to face any last moment technical crisis in submission of return, all tax payers are requested to kindly file GST return well before 25th/28th of August 2017 and do not wait for the last date.”
The ease of filing taxes is one of the major test for GST , matching of the invoices of suppliers and buyers and settlement of tax credits. Though it is definitely going to add to the burden of the IT systems of GSTN as the number of indirect tax payers is increasing.
Abhishek Jain, tax partner, EY, adding that the five-day GST extension was appropriate said, “Because of the last minute GST return filing rush, the GSTN portal developed some technical errors due to which the taxpayers were not able to pay GST tax and file their returns."`