October 27, 2021 12:05:17 am
The Gujarat Chamber of Commerce and Industry (GCCI) has written to Union Finance Minister Nirmala Sitharaman seeking an extension of time for submitting GSTR-1 returns for October in view of Diwali next week.
“The business activities in many states such as Gujarat will restart only after “muhurat” on the day of Labh Pancham, i.e., the fifth day from Diwali. Business activities will remain almost suspended until then. This year, the festival is on November 4, thereby, leaving little time for businesses to file their GSTR-1 return on time after they reopen post-Diwali,” wrote GCCI president Hemant Shah seeking time till November 30 to file the returns.
He added it is a cause of concern for businesses as any delay in filing GSTR-1 within the deadline would attract a late fee and consequently, would have the effect of denying the input tax credit to the recipients.
GSTR-1 is a monthly statement of outward supplies to be furnished by all registered taxpayers making outward supplies of goods and services. This form needs to be filed even if there are no business activities.
📣 The Indian Express is now on Telegram. Click here to join our channel (@indianexpress) and stay updated with the latest headlines
- The Indian Express website has been rated GREEN for its credibility and trustworthiness by Newsguard, a global service that rates news sources for their journalistic standards.