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GST - If tax is paid in cash by August 20, Form 3B can be filed upto August 28 with TRANS-01 credit

By TIOL News Service

NEW DELHI, AUG 17, 2017: As per the rules, the Goods and Services Tax (GST) for the month of July 2017 has to be paid by August 20, 2017. Only after the payment of full GST in cash, return in summary Form 3B can be filed.

Concerns have been raised about the form for claiming transitional input tax credit not being available on the GSTN website.  This form will be available on the GSTN website from August 21, 2017.  In view of this, a small window of opportunity is being given to all the taxpayers.  For taxpayers who do not want to claim any transitional input tax credit, they have to necessarily pay the tax and file return in Form 3B before the due date of August 20, 2017.  The taxpayers who want to avail the transitional input tax credit should also calculate their tax liability after estimating the amount of transitional credit as per Form TRANS-0I.

They have to make full settlement of the liability after adjusting the transitional input tax credit  before August 20, 2017.  However, in such cases, they will get time upto August 28, 2017 to submit Form TRANS-0I and Form 3B.  In case of shortfall in the amount already paid vis-à-vis the amount payable on submission of Form 3B, the same will have to be paid with interest @ 18% for the period between August 21, 2017 till the payment of such differential amount.

CBEC released Notification No. 22 and 23 to notify the same.

Notification No. 22/2017 - Central Tax

Notification No. 23/2017 - Central Tax


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