Due date of GSTR-1 extended for the amnesty Scheme
The government extended the due date for GSTR-1 from July 2017 to November 2019 from January 10 to January 17 to avail waiver of late fee on Friday for the amnesty scheme.
“The GST council in its 38th meeting on 18th Dec 2019 had recommended that late fee chargeable on filing of statements of output supplies in Form GSTR-1, be waived for the GSTR-1 pertaining to period July, 2017 to Nov 2019 if the same are filed by 10/01/2020. The response to this waiver has been very encouraging and since announcement on 18.12.2019, 54 lakhs GSTR-1 have gotten filed till 09.01.2020. On average, only about 25 lakh monthly GSTR-1 get filed.” Finance Ministry tweeted.
“In the view of such huge response, which would lead reduction in unmatched credit, it has been decided to extend the said amnesty scheme from 10th January 2020 to 17th January 2020,” it also said.
The taxpayers were very much needed this. Response will continue to be more and more. There are many genuine tax payers mostly MSME who are not getting timely payments and hence GST payments get delayed leading to penalties adding more woes. Earnest request have been made to have a re-look, the revenues will increase. Well done move. It would lead to multiple benefits in the GST system.