"GSTR 3B" - Notification no. 23/ 2017 - CGST - 17 August 2017 (A Summary)

Who authorizes to issue the Notification : 

In exercise of the powers conferred by section 168 of the Central Goods and Services Tax Act, 2017 (12 of 2017) (hereafter in this notification referred to as “the said Act”) read with sub-rule (5) of rule 61 of the Central Goods and Services Tax Rules, 2017 (hereafter in this notification referred to as “the said Rules”) and notification No. 21/2017- Central Tax dated 08th August, 2017 published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (i) vide G.S.R. number 997 (E), dated the 08th August, 2017, the Commissioner, on the recommendations of the Council.

To whom the notification applies:

All registered persons under GST those are having transitional credit for which TRANS 01 still not filed.

Notification is about:

Providing an option to all taxpayer who intends/opts to take benefit of the TRANSITIONAL CREDIT while filing "July 2017" return.


Notes on the action points mentioned in the Notification:

## All registered persons who have not yet filed TRANS 01 form but intend to avail TRANSITIONAL CREDIT while paying off their net output liability for the month of JULY 2017 then TRANS 01 needs to submit before 28th August 2017 to avail such benefit,

## All registered persons who intended/need to file TRANS 01 but do not WISH to file now (as the tie period to file the TRANS 01 is 3 months) then they need to submit their return by 20 August 2017 only and net output liability will be discharge without taking effect of TRANSITIONAL CREDIT,

## All inward GST which have been paid within month of JULY and if eligible then the CREDIT of the same can be used while calculating net output liability,

## Those who are not in a position to file TRANS 01 upto 28 Aug 2017 will be able to file within its specified time frame i.e. 3 months and accordingly  will be able to take benefit later periods,

## Extension of date of filing GSTR 3B is applicable only in case if a registered person files TRANS 01 within this extended period up to 28 Aug 2017 otherwise the original filing date i.e. 20 Aug 2017 still applies to all registered persons,

## TRANS 01 which is submitted now by the registered person can still be REVISED later months,

## The notification purely will benefit to reduce cash outflow when a registered person is already having carried forward  CREDIT (from old regime),

## CAREFUL to note that all net tax liability needs to be discharged in cash (even after considering TRANS 01 credit) before 20 AUGUST in all cases or else Interest will be leviable with the rate of 18% starts from 21 Aug till it is actually paid

For full text of the notification please refer - http://www.cbec.gov.in/resources//htdocs-cbec/gst/notfctn-23-central-tax-english.pdf

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