The Ministry of Finance, in a press release, has notified waiver of late fee for all those who could not file GSTR 3B for July. However, the interest on late payment of tax liability has not been waived.
The Goods and Services Tax was implemented on July 1. At the time of introduction, the last date for the payment of GST for July was August 25. The payment of GST would be complete only upon the debit of the amount payable from the cash ledger or electronic cash.
GSTR 1 is to be filed by all taxpayers by September 5 and GSTR 2 and GSTR 3 to be filed by all taxpayers by September 10 and 15, respectively. The taxpayers who have committed errors in GSTR 3B will be able to put correct details in GSTR 1-2-3. However, interest will be leviable from all taxpayers who have not discharged their complete tax liability for July 2017 by 25-08-2017.
Further, vide a circular dated September 1, the ministry has also clarified the procedure for system-based reconciliation of GSTR 1-2 with GSTR 3B. The circular makes the following clarification: “7. After the registered person has furnished the statement of inward supplies in FORM GSTR-2 by the extended date, the common portal shall auto-draft Part-A of the return in FORM GSTR-3 for the said month based on the information furnished in FORM GSTR-1 and FORM GSTR-2. Based on the revised figures of output tax liability and eligible input tax credit, Table 12 of Part B of FORM GSTR-3 shall be made available. The common portal would populate the correct figures of tax payable in column (2) of Table 12 of FORM GSTR- 3, based on the information furnished in FORM GSTR-1 and FORM GSTR-2. The tax paid through the electronic cash ledger and electronic credit ledger in the return in FORM GSTR- 3B shall be displayed by the system in column (3) to (7) of the Table 12 of Part B of FORM GSTR-3. Where there is no difference between the details of output tax liability and eligible input tax credit furnished in FORM GSTR-3B and the details furnished in FORM GSTR-1and FORM GSTR-2, the amount of tax payable and tax paid shall be the same in FORM GSTR-3B and FORM GSTR-3. The person can sign and submit FORM GSTR-3 without any additional payment of tax.”