The Finance Ministry, on Monday, extended the due date for taxpayers to furnish GST Return-1 for the period of July 2017 to September 2018, to October 31. The late payment fee for the delayed filing of GST returns has been waived off temporarily to encourage taxpayers to file the GST Return-1 form.
Businesses with an average turnover above Rs.1.5 crore were required to furnish the GST Return-1 for the month of September 2018 by October 11. However, the due date has been moved to October 31.
Further, businesses with a turnover up to Rs.1.5 crore can file the GST Return-1 form for the period July 2017 to September 2018 by October 31. The same will apply to those of the same aggregate turnover and are required to file returns on a quarterly basis.
The due date for filing the GST Return-1 form, for the July 2017-September 2018 period, stands extended to October 31 for taxpayers whose turnover is above Rs.1.5 crore and who are registered in Mahe (Puducherry), Kodagu, (Karnataka) and Kerala and or whose key place of business is one of the aforementioned regions. However, taxpayers who are registered in these regions and have an aggregate turnover of up to Rs.1.5 crore can furnish GST Return-1 for the July 2018 to September 2018 quarter by November 15.
The ministry reported that the number of people who filed GST Return-3B is much higher than the number of people who filed GST Return-1. Hence the decision to move the due date and waive off the late fee was taken.
Source: Economic Times