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More than 2.9 million file GST returns

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More than 2.9 million file GST returns
As many as 2,964,653 filers had submitted returns for July under the goods and services tax (GST) regime by the Friday evening. Friday was the deadline for filing returns. The number of filers are likely to increase as the day ends.

GST Network, which is responsible for the information technology backbone of the indirect tax regime, has estimated about 4.8 million returns would be filed. Those who have filed returns constitute over 34 per cent of total assessees, of about 8.7 million, under the GST regime.However, of the 8.7 million assesses, 2.2 million are yet to complete the migration process.

A last minute rush had led to the GSTN portal crashing last week, forcing the government to postpone the tax filing deadline by five days to August 25. Those who wish to claim transitional input tax credit can file returns by August 28. About 4.8 million taxpayers had saved their sales data on the portal till August 23 and they are just a step away from paying taxes and filing returns.

An estimated Rs 50,000 crore had come in as taxes from those returns. The taxes submitted include Central GST, State GST and Integrated GST, as also cess on luxury and demerit goods such as cars and tobacco.The collection figure would go up once all taxpayers file returns and pay taxes.

While 7.2 million assessees of the old indirect tax regime have migrated to the GST portal, nearly 5 million have completed the migration process.Besides, of the 1.5 million fresh registrations that have happened, as many as 1 million are expected to file returns for July.
Centre ´not adamant´ on GST rates: Meghwal

The Centre was “not adamant” on GST rates and it could be looked at again by the GST Council depending on revenue realisation, Minister of State for Finance Arjun Ram Meghwal said in Kochi on Friday.
“We have to see the revenue realisation first.

Government is not adamant on the rates.

We have a federal structure.

We have to take the view of the states also in the GST council,” he said. “You do not worry, the moment we feel that your revenue realisation is better, all other aspects of the rationale to the rate will be taken to GST Council, and will be decided positively in favour of dealers.” “We started in January with digital transaction, advanced the Union Budget, merged the railway budget with the Union Budget, passed the Finance Billby March31, implemented the GST from July 1, have amended the banking regulation system to address the NPA issue.

Definitely this year is an year of economic reform,” Meghwal said.

The Business Standard, New Delhi, 26th August 2017

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