Good News for taxpayers; deadlines for filing returns 2, 3 extended by a month

Finance Ministry has also extended the date of filing of GSTR-3 for the month of July to 11th of December. Earlier, the deadline was 10th of November. It said, a notification in this regard will be issued shortly.

Over the weekend the ministerial panel chaired by Bihar Deputy Chief Minister Sushil Modi had flagged issues faced by taxpayers in filing GSTR-2. Taxpayers were facing difficulties in reconciling different entries and Infosys and GST Network (GSTN) was asked to sort out the issues.

GSTR-2:

Once the supplier furnishes the details of the supply and recipient in GSTR-1, details would be auto-populated and communicated to the recipient in GSTR-2A. Recipient would confirm the details filled in by the supplier in GSTR-1 and reflected in GSTR-2A. If he agrees with the same, the transaction would be frozen and GSTR-2 would be prepared. However, if the recipient disagrees then recipient would communicate to the supplier about his disagreements which then would be reflected in GSTR-1A to the supplier. Supplier in turn would have the option to modify the details furnished in GSTR-1 as per the request of the recipient auto-populated before him in GSTR-1A or keep the details unchanged.

GSTR-3:

GSTR-3 would be a consolidated monthly return and will contain details of tax liability along with the tax collected on outward supplies and tax paid on inward supplies by registered person. It would be auto-populated through GSTR-1 and GSTR-2 of the registered person. There would be minimal manual intervention and system itself would be updating records.