In a major relief for the industry, the GST Council has eased the compliance burden on the industry till March 2018. It has extended the simplified form GSTR3B till March 2018, introduced simplified GSTR3B with indicative filing facility and form for those businesses which have nil tax liability or have no transactions to file in invoice.
About 40% of the businesses filing returns on GST Network portal have nil tax. The GST Council also set up a committee under GSTN Chairman Ajay Bhushan Pandey to look into making GSTR-2 and GSTR-3 business friendly.
GSTR-2 is the purchase invoice and GSTR-3 is to be generated by businesses by matching GSTR-1 and 2. “The time period for filing GSTR-2 and GSTR-3 for the months of July 2017 to March 2018 would be worked out by a committee of officers,” an official statement said.
Effectively, till March, businesses with turnover of over Rs 1.5 crore will have to file only GSTR-1 or sales returns by 40th day of the end of the month. This will be in addition to initial GSTR-3B returns.
For July-October period, businesses will have to file GSTR-1 by December 31. November onwards, the GSTR-1is to be filed on 40th day which is January 10.
Similarly, GSTR-1 for December will be filed by February 10. Also, the council has substantially lowered late return filing fees for businesses from Rs 200 at present. Businesses with ‘nil’ tax liability will now have to pay only Rs 20 as late fee for delayed filing of return, while for the rest the fee is Rs 50.