The following are the proposed changes under the GST law in respect of GST Returns:
- The deadline for correction of outward supplies recorded in GSTR-1 has been extended until November 30th of the next fiscal year.
- Only period wise sequential GSTR-1 filing will be permitted, i.e., GSTR-1 for any tax period will not be allowed to be filed if GSTR-1 for any preceding tax period is still due.
- The deadline for non-resident taxable persons to file GSTR-5 returns is the 13th day of the following month (currently the due date is the 20th day of the following month).
- The deadline for correction of GSTR-3B returns has been extended till November 30th of the next fiscal year.
- GSTR-3B cannot be filed until GSTR-1 for the tax period has been filed.
- TCS returns are now subject to a late penalty of INR 10,000* or INR 200* per day, whichever is lower (*50 percent CGST and 50 percent SGST).
- The deadline for correction of TCS returns (GSTR-8) has been extended till November 30th of the next fiscal year.
For any query/registration/advisory related to GST, Company, Taxation laws, and Updates, Kindly visit www.onfiling.com
Contact: +91 9599935573
Please follow and like us: