The first GST filing deadline has been extended. The last date of GST Return filing has been set on 28th August 2017. However, it would be useful to remember the extension is not for everyone.
The extension can be availed only by those who desire to use the opening balance that has come from the pre-GST credit in this month. Taxpayers who don’t want to claim the credit or the taxpayers who have got no credit would have to file the return on 20th August.
The extended deadline for GST return filing comes with a huge benefit. This deadline enables the taxpayers to file the TRAN 1 Form within 28th August. This is a pre requirement as the interpretation of the law governing the claim of opening credit goes.
Priyajit Ghosh, the KPMG India partner, said that even though the extended date allows the taxpayers to file TRAN 1, the interesting factor is there is no TRAN 1 filing system running yet. However, without filing for TRAN 1, it is not possible to acquire the benefit of the opening credit.
There are some major points which need to be kept in mind –
This extended GST filing deadline would enable GST portals to get ready for the TRAN 1 filing system implementation.
The reporting requirement is detailed, and the window of TRAN 1 system is not large enough to accommodate the entire report.
The clarity on TRAN 1 revision is not available. There would also be some interest implication which might rise lest there is excess tax claim. This might discourage people from filing TRAN 1.
TRAN 1 is not a simple form to deal with, and the businesses are wondering whether the eight days extension is enough to assert all the details required to file this form. Since this is a relatively new concept, the business owners might need some time to get a proper grip on the system.