The deadline for first GST Return, GSTR- 3B, has been extended (states are still coming up with Notifications) to August 28 from its original deadline of August 20. However, one must keep in mind that this is only for taxpayers who opt to use the opening balance of pre-GST credit in the current month. Those who do not wish to claim opening credit in the current month or those who have no credit; the deadline continues to be August 20. 

The extended deadline also allows the taxpayers to file form TRAN 1 by August 28, which is a pre requisite as per the strict interpretation of law to claim the opening credit. 

The other key points to note are as follows: 

a) The extended deadline would also help GST portal to ready itself for implementing TRAN 1 filing system. 

b) Considering the elaborate reporting requirements under TRAN 1, the window of 8 days appears to be far less for the tax payers. 

c) There is no clarity on revision of TRAN 1 and there would be interest implications in case of excess credit claim hence, most taxpayers would avoid hasty filing of TRAN 1, even after extension of timeline. It seems most have braced up for the adverse cash flow position already.