Govt Extends Due Date for filing GST Returns [Read Notification]

The Central Government, today extended the due date of filing GST Returns, i.e, ITC-01 and ITC-04.

In a notification issued today, the Government extended the time limit for making declaration GST ITC-01 to avail Input Tax Credit by registered persons who have filed the application in FORM GST-CMP-04 of the said rules between the 2nd day of March, 2018 and the 31st day of March, 2018, for a period of thirty days.

As per section 18 of the Central GST Act, a person who has registered with the Act shall be entitled to take credit of input tax in respect of inputs held in stock and inputs contained in semi-finished or finished goods held in stock on the day immediately preceding the date from which he becomes liable to pay tax under the provisions of this Act.

In a separate notification, the Government extended the due date for submission of details in FORM GST-ITC-04 under the Central Goods and Services Tax Act. As per the notification, the due date for filing ITC-04 in respect of goods dispatched to a job worker or received from a job worker or sent from one job worker to another, during the period from July, 2017 to June, 2018 can be filed till the 30th day of September, 2018.

The last date for filing GST returns for July was August 25 for taxpayers who did not want to claim transitional input tax credit, while it was August 28 for those who wanted to avail transitional credit. On Tuesday, finance minister Arum Jaitley, while announcing the figures for GST collections for July, had said that a nominal late filing penalty of Rs 100 per day for CGST and SGST each will be levied for those who haven’t yet paid the GST.