GST News Update: Advisory on Filing Pending Returns Before Expiry of Three Years
The Goods and Services Tax (GST) Department has issued an important advisory for taxpayers regarding the filing of pending GST returns. As per recent updates, taxpayers must ensure that all pending returns are filed before the expiry of three years from the due date. Any return that remains unfiled beyond this period may lapse, and taxpayers will lose the chance to file them later.
This advisory is particularly crucial for businesses and individuals who have outstanding GST filings. The government aims to streamline compliance, reduce litigation, and ensure accuracy in tax credit claims.
Key Highlights:
- Pending GSTR-3B, GSTR-1, and other returns older than three years cannot be filed after the cut-off.
- Taxpayers should immediately check their GST dashboard for any pending filings.
- Non-filing of returns within the timeline may lead to denial of Input Tax Credit (ITC), late fee, interest, and possible penalties.
- The GSTN is sending alerts to registered taxpayers as reminders for compliance.
What Should Taxpayers Do?
- Review your GST compliance status on the GST portal.
- File all pending returns on priority before the three-year expiry deadline.
- Consult your tax advisor or GST professional for rectification of errors in earlier filings.
- Ensure timely filing going forward to avoid penalties and compliance risks.
This update serves as a timely reminder for taxpayers to stay vigilant and proactive in their GST compliance journey. Non-filing of pending returns could result not only in financial costs but also legal complications.
For expert consultation and assistance in filing pending GST returns, Taxation Legal Advisor provides end-to-end solutions to safeguard your compliance and avoid revenue loss.
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