The Central Board of Excise and Customs (CBEC) today issued a detailed note on the procedures to be followed by the tax payers while filing statutory returns under the new Goods and Services Tax (GST) regime.
The Board advises the traders to not wait for the last date and file GSTR-1, 2 and 3 within the prescribed period.
Last time, the GST Network was down due to heavy rush of returns and several traders and businesses. Consequently, the Government again extended the due date for filing returns for July, giving taxpayers extra time for compliance.
Filing of GSTR-1 is mandatory for all normal and casual registered tax payers. It needs to be filed even if there is no business activity (Nil Return) during a given tax period.
It said that the supplier tax payer will not be able to upload invoices or submit form GSTR1, for the month of July, 2017, during the period of filing of Form GSTR-2 of July, 2017, viz. 11th to 25th September, 2017. Therefore it is necessary that supplier taxpayers files his Form GSTR 1 for the month of July, 2017, using EVC or DSC ( mandatory for companies, LLPs and FLLPs etc.), to avoid late fees payment by 10th September, 2017.
If supplier taxpayer does not submits his Form GSTR 1 of July , by 10th September 2017 and if these invoices are uploaded/added by his receiver tax payer in his Form GSTR 2, then he will be required to necessarily take action on (Accept or Reject), the invoices uploaded by Receiver taxpayer. However, such tax payers will not be able to Edit or Modify Receiver taxpayer uploaded invoices.
Further the same invoices uploaded, but not filed by the supplier taxpayer in his Form GSTR 1, will be marked as invalid.
It further explains the conditions, steps and methods and salient features of Form GSTR-1.
“Late fees of Rs 100/- for every day during which such failure continues subject to maximum of Rs 5000/- , (fees as per SGST Act will be charged separately as per respective SGST Act).” It said.
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