India first GST returns due 20 September

Tue 1st Aug 2017

Following the 1 July launch of India’s new Goods and Services Tax regime, the first monthly returns become due shortly. Almost 8 million businesses will be required to file.

Generally, the three-stage GST process should be completed by the 20th of the month following the month of transactions. However, the first filing, due 20th August, has been delayed until 20th September to allow companies to adjust to the new regime.

The process of filings for most businesses is:

  • Tax payer submits their sales transactions via GSTR-1 on 10th of the month
  • Customers review sales transactions in GSTR-2a and approve
  • Customers files their GSTR-2
  • Any invoices not agreed or modified by the customer may be review by the tax payer in the GSTR-1a
  • When tax payer and customers approve, the GSTR-3 is created and taxes are due on the 20th of the month

Click for free Indian GST info