The deadlines for filing GSTR- 1 sales returns of July-September quarter have been extended by the GST Council for more 10 days till 10th January 2018, earlier it was 31st December 2017. According to the recent notification issued by the GST Council, business entities with an annual turnover of up to Rs 1.5 crores, earlier they had to file sales returns of July – September quarter by 31st December, now can they can file it by 10th January 2018.
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Similarly, business entities with an annual turnover of more than Rs 1.5 crores, earlier they had to file monthly GSTR 1 returns for July – October quarter by 31st December 2017 but now the due dates for GSTR – 1 returns for the month of July to November (November sales return) has been extended by 10th January 2018. It is compulsory for these businesses that the sales returns for November month must be filed by 10th January, and the original deadlines remain same. For upcoming months, the deadlines of filing sales returns will be the 10th of succeeding month.
The deadlines for filing sales returns of GSTR- 1 form have been extended by the council so that the more taxpayers will file returns under GST. According to Abhishek Jain, tax partner at EY, “quite a relief to businesses who have been struggling with system and data issues and file returns.”
Due to the reduction in tax rates and easier compliance, the revenue collection fell down to Rs 80,808 crores in December month, nearly a 14 percent declined in the GST collections as compared to August month.