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Dear Members,
As you are aware, GSTR-3B has to be filed for the month of July 2017 by the deadline of 20/08/2017. In this regard, we have already sent mailers informing about due dates of return filling for July and August 2017.
However, concerns have been raised by the trade about whether transitional credit would be available for discharging the tax liability for the month of July, 2017 as Trans-1 form is not active yet.
Taking cognizance of the concerns of industry, CBEC has issued notification No. 23/2017-Central tax and Press note both dated 17.08.2017 a wherein the date and conditions for filing the return in FORM GSTR-3B have been specified.
The deadline for first GST Return, GSTR- 3B, has been extended to 28th August 2017 from its original deadline of 20th August, 2017 only for taxpayers who opt to use the opening balance of pre-GST credit in the current month. Those who do not wish to claim opening credit in the current month or those who have no credit; the deadline continues to be August 20, 2017.
For the sake of convenience, salient points for filing the said return are reproduced/ highlighted as follows:
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Registered persons planning not to avail transitional credit for discharging the tax liability for the month of July, 2017 or new registrants who do not have any transitional credit to avail need to follow the steps as detailed below:
I. Calculate the tax payable as per the following formula:
Tax payable = (Output tax liability + Tax payable under reverse charge) – input tax credit availed for the month of July, 2017;
II. Tax payable as per (i) above to be deposited in cash on or before 20.08.2017 which will get credited to electronic cash ledger;
III. File the return in FORM GSTR-3B on or before 20.08.2017 after discharging the tax liability by debiting the electronic credit or cash ledger.
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Registered persons planning to avail transitional credit for discharging the tax liability for the month of July, 2017 need to follow the steps as detailed below:
I. Calculate the tax payable as per the following formula:
Tax payable = (Output tax liability + Tax payable under reverse charge) – (transitional credit + input tax credit availed for the month of July, 2017);
II. Tax payable as per (i) above to be deposited in cash on or before 20.08.2017 which will get credited to electronic cash ledger;
III. File FORM GST TRAN-1 (which will be available on the common portal from 21.08.2017) before filing the return in FORM GSTR-3B;
IV. In case the tax payable as per the return in FORM GSTR-3B is greater than the cash amount deposited as per (ii) above, deposit the balance in cash along with interest @18% calculated from 21.08.2017 till the date of such deposit. This amount will also get credited to electronic cash ledger;
V. File the return in FORM GSTR-3B on or before 28.08.2017 after discharging the tax liability by debiting the electronic credit or cash ledger.
Kindly note that tax liability in both cases will have to be discharged on or before 20th August, 2017.
Members are requested to take note of this notification and do the needful within the timelines suggested by the authorities. The original notification No. 23/2017-Central tax dated 17.08.2017 is attached for your reference.
Thanking you,
Yours faithfully,
(S.G BHARADI)
EXECUTIVE DIRECTOR
CHEMEXCIL
http://chemexcil.in/uploads/files/notfctn-23-central-tax-english_(1).pdf
http://chemexcil.in/uploads/files/Press_Release_-On_Clarification_regarding_availability_of_Transitional_Credit_for_GST.pdf
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