GST or Goods and Services Tax came into being on 1st July 2017, it is an indirect tax. Recently, the Union Finance Minister Mr. Arun Jaitley announced that, the last date to file GSTR-1 for the period from July 2017 to September 2018 has extended to 31st October 2018. Apart from this, the late filing fees has also been waived.
It is believed that, the number of taxpayers who furnished GSTR-3B are more than those who filed GSTR-1. As per the reports, in order to motivate the taxpayers to furnish GSTR 1, the late filing fees is waived and the last date to file GSTR-1 for the period from July 2017 to September 2018 has been extended to 31st October 2018.
Under GST Regime, the Businesses that have an annual turnover of up to Rs. 1.5 Crore are required to file their final sales return or GSTR-1 by the 11th October 2018. Moreover, the taxpayers were required to file GST-1 for September 2018, by 11th October 2018, this date has now extended to 31st October 2018.
Businesses that have a turnover of up to Rs. 1.5 Crore are required to file their GST returns every quarter.
As per the reports, the people who have turnover of upto 1.5 Crore in Kerala, or who have their businesses in places like Kodagu and Mahe, are required to file GSTR-1 for the quarter of July 2018 to September 2018, by 15th November 2018.
This extension to file GSTR-1 will provide an opportunity to the taxpayers to enjoy an additional window to correct their errors, if they have made any while filing tax returns, before the tax credit for the recipients become time-barred for the Financial year 2017-2018. Taxpayers should take this additional time to reconcile their books with customers before filing GST-1 for the month of September 2018.