Press Release
To ensure a smooth rollout of Goods and Services Tax (GST) and address concerns raised by trade and industry, the Government announced temporary relaxation in return filing procedures for the first two months of GST implementation. It was decided that for July and August 2017, taxpayers would pay tax based on a simplified summary return, FORM GSTR-3B, to be filed by the 20th of the succeeding month, instead of immediately following the full invoice-matching return process. While detailed invoice-wise outward supply information in FORM GSTR-1 would still be required for both months, the timelines for filing these returns were staggered and clearly specified to give taxpayers adequate preparation time. Input tax credit details in FORM GSTR-2 were to be auto-populated based on GSTR-1 filings, further reducing manual compliance during the transition. To provide additional comfort, the Government clarified that no late fees or penalties would be levied for this interim period. These measures were intended to give businesses sufficient flexibility to familiarise themselves with the new GST systems and processes, demonstrate the Government’s responsive approach to stakeholder concerns, and ensure that taxpayers could adapt smoothly to the historic shift to the GST regime without undue compliance pressure.
Other Press Releases
GST Council Defers Proposed Textile GST Rate Changes to Maintain Status Quo
The 46th meeting of the GST Council was held in Lucknow on 31 December 2021 unde...
Read MoreGST Council Constitutes Group of Ministers to Examine Revenue Mobilisation for Natural Calamities
The GST Council, during its 30th meeting held on 28 September 2018, deliberated ...
Read MoreMajor GST Rate Rationalisation and Citizen-Centric Reforms Approved by the 56th GST Council
The 56th meeting of the GST Council, held in New Delhi under the chairpersonship...
Read More