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CORONAVIRUS IMPACT RELIEF TO TAXPAYERS BY EXTENDED DATE OF GSTR 1

CORONAVIRUS IMPACT: RELIEF TO TAXPAYERS BY EXTENDED DATE OF GSTR-1

As we all know that the whole country is struggling because of COVID-19 but the government keeps announcing relief to the taxpayers. From extending the date to release all pending refunds, the government is trying its best to provide some relief to the taxpayers. So, in the latest notification, the government has also announced the extended date of GSTR-1 for monthly and quarterly too.

The government has already announced the extended dates for GSTR-3B and now they have a new announcement of extending the dates for GSTR-1 also. The due date of GSTR-1 for March 2020, April 2020 and May 2020 has been extended to 30th June irrespective of their previous due dates. The due date of GSTR-1 January to March(quarterly) has been also extended to 30th June ignoring the previous due date.

GSTR-1 is a form in which the taxpayer has to summaries the details of the outward supplies. GSTR-1 is a monthly or quarterly basis return. The taxpayers whose turnover is above 1.5 crores then he has to file the GSTR-1 monthly while the taxpayer whose turnover is up to 1.5 crores can file their return quarterly. The option for filing GSTR-1 on a monthly or quarterly basis the taxpayer has to select the correct option at the beginning of the financial year.

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15 Apr

Mohit Bisht
Mohit Bisht

“Whether you think you can, or think you can’t -- you’re right”. Neusource is the platform for settling on a correct decision in each part of the business that assists with developing your business and gives help in every stage which causes your startup to make in each most perfect way.