Skip to main content

More than 2.9 million file GST returns

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

Comments

Popular posts from this blog

Budget: Startup sector gets new Fund of Funds, FM to allocate Rs 10K cr

  The Indian startup sector received a boost with Finance Minister Nirmala Sitharaman announcing the establishment of a new fund of funds (FoF) in the Budget 2025. The minister unveiled a fresh FoF with an expanded scope, allocating Rs 10,000 crore. The initial fund of funds announced by the government with an investment of Rs 10,000 crore successfully catalysed commitments worth Rs 91,000 crore, the minister said.   “The renewal of the Rs 10,000 crore commitment to the Fund of Funds for alternative investment funds (AIFs) is a significant step forward for the Indian startup and investment ecosystem. The initial Rs 10,000 crore commitment catalysed Rs 91,000 crore in investments, and I fully expect this fresh infusion to attract an additional Rs 1 lakh to Rs 1.5 lakh crore in capital,” said Anirudh Damani, managing partner, Artha Venture Funds.   Damani further added that this initiative will provide much-needed growth capital to early-stage startups, further strengthenin...

After RBI rate cut, check latest home loan interest rates of top banks for loans above Rs 75 lakh

  The Reserve Bank of India (RBI) has reduced the repo rate by 25 basis points from 6.50% to 6.25% in its monetary policy review as announced on February 7, 2025. After the RBI repo rate cut, banks such as SBI, Canara Bank, PNB, and Union Bank among others have cut their repo linked lending rates. Most other banks are also expected to cut their lending rates in line with the RBI rate cut. After banks cut their lending rates, their home loan borrowers will have to pay less interest. Normally, when a lender cuts the lending rate, borrowers get two options: Either to go for a reduction in EMIs or reduce the tenure of the loan. The second option will help the borrowers clear their home loan outstanding faster. In case, the borrower goes for reduction in EMI then the lower lending rate of the lender would mean lower Equated Monthly Installment (EMI) for borrowers.   EMI is the amount you will pay on a specific date each month till the loan is repaid in full.A repo rate-linked home ...

GST collections rise 9.9% to exceed Rs 1.96 trillion in March 2025

  Gross GST collection in March grew 9.9 per cent to over Rs 1.96 lakh crore, government data showed on Tuesday. GST revenue from domestic transactions rose 8.8 per cent to Rs 1.49 lakh crore, while revenue from imported goods was higher 13.56 per cent to Rs 46,919 crore. Total refunds during March rose 41 per cent to Rs 19,615 crore. After adjusting refunds, net GST revenue stood at over Rs 1.76 lakh crore in March 2025, a 7.3 per cent growth over the year-ago period.       - Business Standard 02 th March, 2025