GST THRESHOLDS AND ELIGIBILITY CRITERIA OF MONTHLY GST RETURN IS TURNOVER EXCEEDED 1.5 CR AND DUE DATE OF RETURN

THRESHOLDS AND ELIGIBILITY CRITERIA OF MONTHLY GST RETURN IS TURNOVER EXCEEDED 1.5 CR AND DUE DATE OF RETURN

Thresholds and eligibility criteria mentioned by the India Government is to boost up and benefit the small and medium enterprises (SME’S). These SME’S will contribute to country’s GDP and will help in eradicating the unemployment.

The taxpayers whose aggregate turnover during preceding financial year exceeded Rs. 1.5 Cr or the new registrants who estimate their turnover to exceed Rs. 1.5 Cr during current financial year, have to file return on monthly basis.

The taxpayers, whose aggregate turnover during the preceding financial year remained upto Rs. 1.5 Cr or the new registrants who estimate their turnover to remain upto Rs. 1.5 Cr during current financial year, but who intends to file return on monthly basis, can also upload the invoices for the month of August, 2017.

Due of GSTR Return

Relief in GSTR compliance

  • All businesses to file GSTR-1 and GSTR-3B till March 2018.
  • GSTR-2 and GSTR-3 filing dates for July 2017 to March 2018 will be worked out later by a Committee of Officers
  • Turnover under Rs 1.5 Cr to file quarterly GSTR-1
  • Turnover above Rs 1.5 Cr to file monthly GSTR-1
  • All businesses to file GSTR-3B by 20th of next month till March 2018.

Extension of GSTR-1 filing Due Dates

  • Filing of GSTR-1 for the tax period of August, 2017 and onwards is likely to commence soon. In the meantime, such taxpayers can upload the invoices for August, September, October 2017 to avoid last minute rush.
  • All other taxpayers liable to file GSTR-1 shall upload the invoices and file GSTR-1 for the quarter ending September, 2017 after the option to file the same is available on the portal. The taxpayers eligible to file return on quarterly basis but have already filed the return for the month of July, 2017, shall have to upload the invoices of August and September jointly and have not to include the invoices of July month again.
  • The taxpayers who have not filed GSTR-1 for the month of July, are advised to file the same quickly as they will not be able to file GSTR-1 for remainder of quarter (August-September) till they have filed GSTR-1 of July.

For turnover upto Rs 1.5 cr

Period (Quarterly)                                                    Due dates

July- Sept                                                                    31st Dec 2017

Oct- Dec                                                                     15th Feb 2018

Jan- Mar                                                                     30th April 2018

For turnover of more than Rs 1.5 cr

Period (Quarterly)                                                    Due dates

July to Oct                                                                  31st Dec 2017

Nov                                                                             10th Jan 2018

Dec                                                                              10th Feb 2018

Jan                                                                               10th March 2018

Feb                                                                              10th April 2018

March                                                                          10th May 2018

 

Others GSTR filing extensions

Type of assesses  (Quarterly)                      Due dates

GSTR-5 (for Non Resident)                           11th Dec 2017

GSTR-5A(By person supplying OIDAR)       15th Dec 2017

GSTR-4 (for Composition Dealers)                24th Dec 2017

GSTR-6 (for Input Service Distributor)         31st Dec 2017

Businesses with annual turnover up to 1.5 crores will submit quarterly returns. Taxes will be paid quarterly. Due dates of filing GSTR-3B for August to December – 20th of Next Monthly

In case you are confused about GST as a business owner, feel free to consult the GST experts at Rajput Jain & Associates,. You can get comprehensive assistance on GST Registration online and GST Return Filing. You can also use our GST compliance software for doing end-to-end GST compliance.

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