Extension of deadline for GSTR 3B filing
Posted on: 22/Oct/2018 3:38:53 PM
There is an extension of deadline for filing summary sales return GSTR-3B for the period between September by 5 days and October 25, according to a Finance Ministry statement.
With this, all the businesses that aim at claiming Input Tax Credit or ITC will be able to take an advantage for July 2017 to March 2018, as it can be done will 25th of October.
According to a statement by the Central Board of Indirect Taxes and Customs (CBIC) that functions under the Finance Ministry, there is an apprehension expressed by the trade and industry as to the due date being October 20 towards claiming ITC pertaining to GST for July 201 to March 2018.
As they are set to give extended time period, instead of September 2018 being the last date to provide GSTR-3B, it is now newly set as 25th October 2018.
In the subsequent months, the GSTR-3B of specific months need to be submitted by 20th every month. The due date to return filing was initially 20th October.
The Finance Ministry, in its statement said that with the extension of this deadline, it also indicates that the due date to avail ITC for July 2017 to March 2018 is now extended to 25th October 2018.
Towards this extension, the businesses have shown their concern stating that they will be put in trouble towards reconciling the sales return if their suppliers file the returns. As the ITC is depended on the summary sales return of GSTR-3B filed, the same deadline is maintained for ITC claims and GSTR-3B.
To note, it was on 1st July 2017 that the Goods and Services Tax was introduced.
According to the ministry, for all the taxpayers who recently got shifted to the GST regime, the due date to get ITC for July 2017 to March 2018 is set as 31st December 2018 or the actual date of annual returns.
In his note about this, Pratik Jain, the PwC India Partner and Leader (Indirect Tax) says for businesses that are unable to get their tax filed by 20th of October, an extension can be availed. For most companies, this will not be possible or helpful as the companies might have already purchased the returns with overtime work.
There is no space for amending the return and hence there is no possibility for such companies to claim credit which they possibly had missed out.
For all the compliant players, this deadline extension is a shock. For all the late filers, it is like a bonanza and so is for all non-filers and tax evaders.
This initiative to extend the date is aimed at lifting public perception and not to create any kind of conductive environment.
The deadline should at least be extended to 20th November with which the credit can be obtained along with the October return
