GST Return Filing Rules Relaxed For Businesses. Find Out How

Retailers need to file single GST return

The GST Council in its 23rd meeting made sweeping changes to the Goods and Services Tax on Friday. The council eased the burden of complying with GST rules for traders and businesses by relaxing deadlines for filing returns and fines on late filing. The relaxations along with cut in the tax rate on more than 200 items were welcomed by traders and industry watchers alike.

In a bid to ease compliance burden for traders and businesses, fine for late filing of returns be cut to Rs. 20 per day from Rs. 200 for nil liability tax filers, Revenue Secretary Hasmuksh Adhia had said.

In a statement, the Confederation of All India Traders (CAIT) said “in the wake of current situation where traders are a depressed lot, such relief were much awaited”.

“It is estimated that by reducing tax and likely increase in composition limit, the government will suffer a loss of about 34,000 crore rupees. If traders are taken in confidence and various procedures are eased, the trading community will ensure compensation of such losses by making all efforts to widen the tax net base,” CAIT said.

The GST Council also decided that taxpayers with annual aggregate turnover up to Rs. 1.5 crore need to file GSTR-1 on quarterly basis, while taxpayers with a turnover of above Rs. 1.5 crore need to file GSTR-1 on monthly basis.

According the GST Council, the return filing process is to be further simplified in the following manner:

All taxpayers would file return in FORM GSTR-3B along with payment of tax by 20th of the succeeding month till March, 2018.

For filing of details in FORM GSTR-1 till March 2018, taxpayers would be divided into two categories.

Details of these two categories along with the last date of filing GSTR 1 are as follows:

Taxpayers with annual aggregate turnover upto Rs. 1.5 crore need to file GSTR-1 on quarterly basis as per following frequency:

Period Dates
Jul- Sep 31st Dec 2017
Oct- Dec 15th Feb 2018
Jan- Mar 30th April 2018
Taxpayers with annual aggregate turnover more than Rs. 1.5 crore need to file GSTR-1 on monthly basis as per following frequency:
Period Dates
Jul- Oct 31st Dec 2017
Nov 10th Jan 2018
Dec 10th Feb 2018
Jan 10th Mar 2018
Feb 10th Apr 2018
Mar 10th May 2018

The time period for filing GSTR-2 and GSTR-3 for the months of July, 2017 to March 2018 would be worked out by a Committee of Officers. However, filing of GSTR-1 will continue for the entire period without requiring filing of GSTR-2 & GSTR-3 for the previous month / period.

A large number of taxpayers were unable to file their return in FORM GSTR-3B within due date for the months of July, August and September, 2017.Late fee was waived in all such cases, the council said.

Changes In Composition Scheme:

An uniform tax rate of 1 per cent will be applied on manufacturers and traders under the modified composition scheme, the council said. The composition scheme for restaurants was not changed.

Annual turnover eligibility for composition scheme will be increased to Rs. 2 crore from the present limit of Rs. 1 crore under the law. Thereafter, eligibility for composition will be increased to Rs. 1.5 Crore per annum, the council said.

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