Skip to main content

1% of expected invoices uploaded to GSTN

By
1% of expected invoices uploaded to GSTN
About one per cent of the expected goods and services tax invoices had been uploaded on the GST Network more thanamonth after the facility opened, suggestingalastminute scramble near the September 5 deadline andaclamour for an extension.

Only 4.4 million invoices have been uploaded as part of the GSTR 1 return filing,afacility that became operational on July 25. “At least 440 million invoices should have been uploaded. The facility is open for 38 days, but only 4.4 million invoices have been uploaded.

In last minute filing, they will commit errors and the system will not accept the return,” said a GSTN official.Taxpayers would then seek an extension, he added.“We will consider extending the deadline if people face genuine difficulties in filing GSTR 1,” said another official.

The last date to file provisional return GSTR 3B was extended from August 20 to August 25 after taxpayers faced difficulties in filing.So far, 39.7 million returns have been filed by the 5.95 million entities registered for the GST in July, excluding those under the composition scheme.

Based on this, 2025 per cent of those registered have not filed tax returns. Experts pointed out taxpayers were grappling with GSTR 3B, the selfdeclaration form, for the first two months.This did not give them enough time to upload invoices, they added.

GST relief

The government on the recommendation of the Goods and Services Tax (GST) Council on Friday waived the late fees for the GSTR 3B returns for July, filed after the due date.

The announcement comes amid concerns raised over difficulties faced by the industry in filing returns.

The Business Standard, New Delhi, 02nd September 2017

Comments

Post a Comment

Popular posts from this blog

Data storage norm splits digital payments industry

By
Data storage norm splits digital payments industry  India’s nascent digital payment industry could be thrown into disarray due to the demand by the Reserve Bank of India (RBI) that all user data be stored within the country, fears an industry grouping, which has termed the decision as “heavy-handed”, even as others, including the country’s largest digital payment provider Paytm, have hailed the move.  In a bid to narrow the growing schism, the industry is planning to send a formal representation to the regulator highlighting its concerns, a top official told ET.  “We are trying to build a consensus on the issue," said the person adding that the representation to the central bank will be ready this week.  RBI on April 6, mandated all payment companies—global and local—to set up data storage facilities within India by October. The stringent six-month deadline has attracted the ire of several sections of the industry that fear it will lead to a disruption of wel...
18 comments
Read more

Sebi to finalise options in commodities today

By
The Commodity Derivatives Advisory Committee of the Securities and Exchange Board of India ( Sebi) will meet on Friday with senior officials of the latter, to give a final shape to the rules on options trading in commodity futures, beside revising the warehousing norms to ensure good delivery on settlement. The decision taken, after discussing with the advisory committee, will be placed before the regulator’s board, to finalise the regulations. According to knowledgeable sources, three commodities in each segment, agricultural and non- agricultural, have been proposed for introducing options. It appears commodities from the soya and guar segments are preferred in the former. From the non- agri segment, it is likely that gold, silver and crude oil will be finalised. All these These have better liquidity and both the National Commodity and Derivatives Exchange and the Multi Commodity Exchange, respectively, will be able to introduce the options. In the equity segments, options ar...
17 comments
Read more

E tailers global warehouses may come under tax net

By
E tailers  global warehouses may come under tax net Warehouses of e-commerce companies based in countries such as Australia, Japan, Italy,  Spain, the Netherlands, and Russia may not be exempted from paying the income tax in India  once the multilateral instrument (MLI) to prevent base erosion and profit shifting (BEPS)  comes into force. BEPS refers to the reporting framework mooted by the Organisation for Economic  Co-operation and Development (OECD) and signed by over 100 countries, including India, to  prevent exploiting gaps and mismatches in tax rules to shift profits by multinational  companies (MNCs) artificially to low-tax regimes. The representatives of 68 countries on June 7 this year signed an agreement (MLI) in Paris  to amend their tax treaties to bring them in alignment with measures to prevent BEPS.  However, there is still time for synchronising tax treaties with the multilateral  instrument. India has submitte...
17 comments
Read more