Following the recent Amendments in GST returns, the Government has recently passed a waiver against the Late fee charged on late filing of the GST return form 1 for the period of July 2017 to September 2018. It is a one-time scheme to get the late fee waived for those who are late in filing the Tax returns for the period of July 2017 to September 2018. This attempt has been made to encourage the Taxpayers and to get the most of the Tax Return extracted.
However, (GST) RETURN-1 form has been used as a tool by the authorities for keeping a track of the Tax return filed and preventing the Taxpayers from not paying tax.
The Tax Ministry confirmed the dates for the different size of the businesses. He declared that the due dates for those businesses having annual sales 1.5 crores including those registered in Kerala, is 31st October 2018, also including people having business in Kodagu in Karnataka and Mahe in Puducherry.
Declaration made about the smaller taxpayers that the businesses having annual sales of less than 1.5 crores, could also submit the (GST) RETURN-1 form till October end. This does not apply to the smaller businesses in Kerala and those having businesses in Kodagu and Mahe. For these businessmen, the date extends till 15th November as announced last month.
The turn down in the late fee has brought relief for many businessmen and traders especially those who are supposed to file GST return-3B form which contains the summary of the transactions made every month and a GST return-1 form with the detailed return of the sales.
However, the Tax Authorities highlighted that the filing of the detailed sales return (GST return-1) is less than the summary return filings (GST return-3B).
The above information has been given by the Finance Ministry.
The government has strategized the whole scenario beautifully, as the GST return-1 form extracts the detailed information about the business and details of their sales. This is why the Businessmen have been given more time to file the GST return-1 which is of immense value to the Tax officials. This is a futuristic plan. The information obtained through this form is like; who the buyer exactly is, the amount of purchase done and whether he has filed the return and paid taxes on corresponding transactions. This step taken by the Government and the tax officials is going to be fruitful in the future and will be proved to be anti-evasion measure.
Read Also: September: Final Month For ITC Claims And Error Rectification For FY 2017-18
M.S.Mani, the Partner of Deloitte India said that GST return 1 is very deep-rooted and is going to show results in days to come. It is definitely going to encourage people to file their tax return if not filed earlier. The Taxpayers are advised by the Ministry to file their returns within the time frame before the tax credits get lapsed.
