Last day to file GSTR-1 tomorrow; these six type of registered taxpayers are exempted

After Form-3B, the last date to file another form is tomorrow. The new tax regime Goods and Service Tax (GST) has made it mandatory to file 37 returns every year. 

Considering the filing GST return as a "new concept" for the taxpayers, the Ministry of Finance waived late fee of for all taxpayers who could not file GSTR 3B for the month of July. 

However, at the same time, the Ministry said the deadline to file returns in the month of September will remain same. 

GSTR 1 is to be filed by all taxpayers by 5th of September 2017 and GSTR 2 and GSTR 3 to be filed by all taxpayers by 10th and 15th of September 2017 respectively.

As only one day left to file GSTR-1, and thinking whether you are eligible or now, then we tell you.

GSTR-1 is a monthly return that summarizes all outward supplies by normal and casual registered taxpayers.

Every registered person is required to file GSTR 1 irrespective of whether there are any transactions during the month or not.

But, the is exempted from filing if you are among the following:

Input Service Distributors: Under current tax regime the definition of Input Service Distributor includes

an office of the manufacturer or producer of final products or provider of output service which receives invoices issued under rule 4A of Service Tax Rules, 1994 towards purchase of input services

issue invoice, bill or challan for the purposes of distributing the credit of service tax paid on the said services to such manufacturer or producer or provider.

Composition Dealers: Every tax administration aims towards timely recovery of taxes, filing of returns, simplified generation and maintenance of records, invoices and others documents. Such elements are often a challenge for small businesses. 

To overcome this shortcoming a composition scheme was introduced under the respective State VAT Laws with conditions applied on eligibility for the scheme accordingly. 

GST Composition Scheme also contains an option for a registered taxable person having turnover less than the limit to pay tax at a lower rate respect to certain specified conditions.

3. Suppliers of online information and database access or retrieval services (OIDAR), who have to pay tax themselves (as per Section 14 of the IGST Act).

4. Non-resident taxable person: The Goods and Services Tax Law has defined a ‘non-resident taxable person’ as any person who occasionally undertakes transactions involving the supply of goods or services, or both, whether as principal or agent or in any other capacity, but who has no fixed place of business or residence in India.

5. Taxpayer liable to collect Tax Collected at Source 

6. Taxpayer liable to deduct Tax Deducted at Source

While the penalty for Form 3B has been waived, but the taxpayers will be liable to pay late fee if they fail to file GSTR-1. So, do not delay further and file before the deadline.