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9:26 am - Tuesday January 23, 2018

Govt extends date for filing GSTR-1 to January 10, 2018

New Delhi: The last date for filing of return in FORM GSTR-1 for all taxpayers for the relevant periods has been extended to 10th January, 2017.

According to a Finance ministry statement, registered persons having aggregate turnover of up to Rs 1.5 crore in the preceding financial year or the current financial year can file Quarterly return in FORM GSTR-1 for July – September, 2017 by January 10, 2018.

Earlier the last date was December 31, 2017. Accordingly, registered persons having aggregate turnover of more than Rs 1.5 crore in the preceding financial year or the current financial year, can file monthly returns in FORM GSTR-1 for July-October, 2017 by January 10, 2018. Earlier the last date was December 31, 2017.

Form GSTR-1 is a statement in which a regular dealer needs to capture all the outward supplies made during the month. Broadly, all the outward supplies made to registered businesses (B2B) are required to be captured at invoice level, and supplies made to unregistered business or end consumers are required to be captured at rate-wise.

This would often mean several thousand invoices would need to be uploaded by a midsized firm and therein lies the challenge.

Posted in: Business

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