India relaxes GST reporting
India last month temporarily relaxed the reporting requirements under the new Goods and Services regime:
· The monthly summary return in Form GSTR 3B is extended to March 2018 for all taxpayers.
· Due dates for filing returns in Forms GSTR – 1, GSTR – 4 and GSTR – 5, GSTR – 5A and GSTR – 6 and the declaration in form GST Tran-1 for transitioning credit have been extended.
· The due dates for filing Form GSTR – 2 (return of inward supplies) and GSTR – 3 (consolidated monthly return) for the months of July 2017 to March 2018 will be prescribed at a later stage.
· The late fee payable (October 2017 onwards) by a taxpayer whose tax liability for the said month was nil will be INR 20 per day instead of the prescribed INR 200 per day.
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