Home Taxes GST GST Council revises Due Date for filling of GSTR-1 for Quarterly Returns

GST Council revises Due Date for filling of GSTR-1 for Quarterly Returns

October 6, 2020

The 42nd GST Council was held on October 5, 2020, under the Chairmanship of Union Finance Minister Smt. Nirmala Sitharaman through video conferencing. The GST Council has recommended/decided that the Due date of furnishing quarterly GSTR-1 returns by the quarterly taxpayers will get revised to 13th day of the month succeeding the quarter w.e.f. January 1, 2021.

The GST Council has a view for the improvement of Ease of Doing Business and enhances the compliance experience, so it has approved the future road-map for the auto-generation of GSTR-3B from GSTR-1s by:

Auto-population of liability from own GSTR-1 w.e.f. 01.01.2021; and
Auto-population of the input tax credit from suppliers’ GSTR-1s through the newly developed facility in FORM GSTR-2B for monthly filers w.e.f. 01.01.2021 and for quarterly filers w.e.f. 01.04.2021;

And to ensure the ITC and liability auto-population in GSTR-3B as its mentioned above, the FORM GSTR 1 would be mandatorily required to get filed before FORM GSTR 3B w.e.f. April 1, 2021.

Form GSTR-1 is a monthly or quarterly return which contains the details of all outward supplies made by the registered taxpayer. The approved framework of GST Council aims to simplify return filing and further reduce the taxpayer’s compliance burden in this regard significantly, such that the timely furnishing of details in GSTR-1 by a taxpayer and his suppliers would –

Allow him to view the ITC available in his electronic credit ledger from all sources i.e. domestic supplies, imports and payments on reverse charge etc. before the due date for the payment of tax;
Enable the system to auto-populate return (GSTR-3B)through the data filed by the taxpayer and all his suppliers. In other words, the timely filing of GSTR-1 statement alone would be sufficient as the return in FORM GSTR-3B would get auto prepared on the common portal.

Also, the GST Council has extended the present GSTR-1/3B return filing system till March 31, 2021, and recommended that the GST laws will get amended to make the GSTR-1/3B return filing system as the default return filing system.