Mechanism for barring of GST Return on expiry of 3 years to be in motion early next year
A GST assessee has now little time to file outstanding returns as the tax department has said that mechanism for barring of GST Return on expiry of three years will be operational from early next year.
Tax experts say not filing outstanding return could result in penalty.
An advisory issued by GST portal said that based on the Finance Act 2023 and implemented with effect from October 1, 2023, the taxpayers shall not be allowed file their GST returns after the expiry of a period of three years from the due date of furnishing.
These returns include GSTR-1, GSTR 3B, GSTR-4, GSTR-5, GSTR-5A, GSTR-6, GSTR 7, GSTR 8 and GSTR 9 and covered under Section 37 (Outward Supply), Section 39 (payment of liability), Section 44 (Annual Return) and Section 52 (Tax Collected at Source) of CGST Act.
