India first GST returns due 20 September

Following the 1 July launch of India’s new Goods and Services Tax regime, the first monthly returns become due shortly. Almost 8 million businesses will be required to file.

Generally, the three-stage GST process should be completed by the 20^th of the month following the month of transactions. However, the first filing, due 20^th August, has been delayed until 20th September to allow companies to adjust to the new regime.

The process of filings for most businesses is:

• Tax payer submits their sales transactions via GSTR-1 on 10th of the month
• Customers review sales transactions in GSTR-2a and approve
• Customers files their GSTR-2
• Any invoices not agreed or modified by the customer may be review by the tax payer in the GSTR-1a
• When tax payer and customers approve, the GSTR-3 is created and taxes are due on the 20th of the month

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