Finance Ministry before the Supreme Court, timeline extension to open a special window for filing transitional credit claims by 30 days, as it feels GSTN has limited time to perform the amendments in the portal to ease filing.
The IT support of GST, GSTN functions as a portal for furnishing the returns, incurred to claim the tax credit. The transitional credit directs the use of the tax credit collected to date 30th June 2017 which would be the end day of the former central excise and service tax regime. Post to the start of the GST, a special provision was incurred for the credit collected beneath VAT, excise duty, or the service tax needed for the transition to GST within the specified due date.
Read Also: Easy Guide to File GST TRAN 1 Form Online with Step by Step Procedure
A miscellaneous application has been furnished by the centre, limited purpose, asking time extension to assure that the web portal would be effective to work in all fields for the execution of the order issued by the Supreme court on July 22. βIt is an endeavour to ensure that the directions of this Court get implemented in toto, free from errors and with the best efforts,β in the application, the court issued an order that the portal is opened for 60 days, from 1 September to 31st October. Now the application asks for direction from the GSTN to open a window for 60 days between 1st October and 31st December.
GST Compliance Calendar for Taxpayers
It mentioned various dates of every month are important for filing the return and tax collection in the GST system. For instance, 7-11 of every month would be the highest period for filing the form GSTR-1 (reporting form for invoices). Identically, 12 to 14 of every month would be the GSTR-2B (ITC statement of the assessee) generation duration, which would be the utility for the assessee to watch, the available credit for him or her.
15-20 of every month is the highest filing period for GSTR-3B there are 90-95 lakh returns that get furnished, and these days nearly 90% of monthly revenue of around Rs 1.1-lakh crore is deposited via the assessee. For quarterly filing months (the finish of each quarter of the fiscal year for small assessees), the same highest filing duration would rise up to the 24th because of a separate date of filing the return for them.
For the collection of the revenue, the IT amendment would get prevented from 7 to 24 months. The same draw GSTN with the deployment window from the 25th of a month to the 6th of the subsequent month in every cycle. Discussing, the Centre has asked for an extension.
Tax experts specified that the government urged for another 30 days towards opening the portal and as per that the portal would be asked to be open from 1st October Interestingly, there could be several other issues that may get resolved once the portal is open and the taxpayers may get an alternative to address their pending issues such as Trans-3 credit and transitional credit denied to exporters due to the Circular,β