The low turnover limit has brought new dealers and traders under the ambit of GST. Depending on their previous tax compliance stature, Registered and non-registered taxpayers under the previous tax regime have to file TRAN-1 or TRAN-2 forms to claim a transitional credit on their stock of inputs, semi-finished goods or finished goods when GST came into force. The government on Wednesday made a series of changes in compliance rules under the GST. The changes are aimed at helping businesses to easily move credit from the old regime to GST. Some of the changes worth notable for dealers, manufacturers and service providers include:-
Extended Deadline for Traders/dealers to Claim TRAN – 2:
The deadline for Registered persons under GST but unregistered under the erstwhile VAT Regime can now fill their TRAN-2 form by June 30. The previous deadline was 31 March. The move has been welcomed by traders who were struggling due to system issues and technical glitches.
Less Time for Filing GSTR-1
Compared to the previous time period of 40 days, taxpayers will now get only 31 days for the filing of GSTR-1 forms that provide details of outward supplies. Taxpayers will get 31 days to file tax returns for April and 10 days for May and June. This means that businesses will now have to be very proactive on their part. It would be interesting to see, how small and medium scale traders/dealers, manage data collection and file forms within such short time frame?
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