GSTR-1 filing deadline ends, no more extension

The government today announced that it hasn't provided any further extension to GSTR-1 filing deadline. 
 
"The last date for filing of GSTR-1 for different classes of taxpayers for the relevant periods (July-September, 2017 and July-November, 2017)remains January 10, 2018," the Finance Ministry statement said.
 
After witnessing five-month low GST collection in November 2017, the Ministry had decided to extend the deadline for filing GSTR-1 return for all taxpayers till January 10, 2018.
 
Earlier, GST Council had fixed the deadline for filing GSTR-1 till December 31, 2017.
 
GSTR-1, which summarises all outward supplies by normal and casual registered taxpayers, has total 13 sections and is based on turnover.
 
Businesses with a turnover up to Rs 1.5 crore need to file quarterly returns, while other taxpayers with a turnover above Rs 1.5 crore must file monthly GSTR.
 
Once a taxpayer files for GSTR 1, the government will utilise the information to auto populate GSTR 3 for the dealer and GSTR 2A for the dealers to whom supplies have been made.
 
GSTR-1 cannot be revised after filing returns. If you have made any mistake, you can only revise it in the next month. For example if a mistake is made in July GSTR 1, rectification for the same can be done in August's GSTR 1.
 
Penalty for late filing for a Nil taxpayer has also be been reduced to Rs 20 per day from earlier Rs 200 and for others it has been fixed at Rs 50 a day.