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18 August 2017
The
central government on Thursday extended the due date for filing of the Goods
and Services Tax (GST) return for taxpayers who want to avail the transitional
input tax credit.
As per
the laid down rules, the GST for the month of July 2017 has to be paid by
August 20, 2017, only after which the payment of full GST return through
"Form 3B" can be filed. The deadline for filing the "Form
3B" has been extended till August 28, 2017. The Total Investment & Insurance Solutions
The
development comes after concerns were raised about the non-availability of the
"Form" for claim of the transitional input tax credit on the GSTN
website. The Total Investment
& Insurance Solutions
According
to Ministry of Finance, the "Form" will be made available on the GSTN
website from August 21, 2017. The Total
Investment & Insurance Solutions
"In
view of this, a small window of opportunity is being given to all the
taxpayers... taxpayers who want to avail the transitional input tax credit
should also calculate their tax liability after estimating the amount of
transitional credit as per Form TRANS I," the ministry said in a
statement.
"They
have to make full settlement of the liability after adjusting the transitional
input tax credit before 20th August, 2017. However, in such cases, they will
get time up to 28th August, 2017 to submit Form TRANS I and Form 3B." The Total Investment & Insurance
Solutions
Besides,
the ministry informed that any shortfall in the amount already paid vis-à-vis
the "amount payable on submission of Form 3B" will have to be paid
with interest at the rate of 18 per cent for the period between August 21 till
the payment of such differential amount.
Abhishek
Jain, Tax Partner, EY said: "This benefit would be available only to those
who will file TRAN 1 on or before August 28. This would provide a major cash
flow relief to the industry."The
Total Investment & Insurance Solutions
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