Skip to main content

2.2 million GST returns filed till 6 pm, deadline ends midnight

2.2 million GST returns filed till 6 pm, deadline ends midnight
Nearly 2.2 million goods and services tax (GST) returns have been filed so far for August as businesses flocked the GSTN portal to submit their returns on Wednesday —the last day for tax filing.

Over 2.2 million returns were filed till 6 pm,a source said.

Return filing would continue till midnight.

This is the second month of return filing under the GST regime.

Similar to last month, businesses thronged the GST Network portal on the last day to pay taxes.

Nearly 4.5 million businesses had filed returns in July, fetching a revenue of Rs 95,000 crore to the exchequer.

Finance Minister Arun Jaitley had earlier in the day said that GSTN has the capacity to handle 100,000 returns per hour, which translates to 2.4 million returns in a day. But if majority of the taxpayers decide to pay taxes on the last day, then the system would have some trouble.

“Therefore I would appeal to everybody, it is in their interest (to file returns early),” Jaitley said.

To ease compliance burden, the GST Council has allowed businesses to file their initial tax returns in form GSTR3B in the first six months of GST roll-out till December.

Accordingly, the GSTR3B returns would have to be filed by the 20th of the next month, which means August returns need to be uploaded by September 20.

The GST Network (GSTN) had faced glitches during the GSTR3B filing for July, which had forced the government to extend the due date for filing of returns.

However, for August GSTR3B return filing, GSTN has handled over 80,000 returns per hour on Wednesday.

The Business Standard, New Delhi, 21th September 2017

Comments

Popular posts from this blog

Shrinking footprints of foreign banks in India

Shrinking footprints of foreign banks in India Foreign banks are increasingly shrinking their presence in India and are also becoming more conservative than private and public sector counterparts. While many of them have sold some of their businesses in India as part of their global strategy, some are trying to keep their core expertise intact. Others are branching out to newer areas to continue business momentum.For example, HSBC and Barclays Bank in India have got out of the retail business, whereas corporate-focused Standard Chartered Bank is now trying to increase its focus on retail “Building a retail franchise is a huge exercise and takes a long time. You cannot afford to lose it,” said Shashank Joshi, Bank of Tokyo-Mitsubishi UFJ’s India head.According to the Reserve Bank of India (RBI) data, foreign banks’ combined loan book shrunk nearly 10 per cent from Rs 3.78 trillion in fiscal 2015-16 to Rs 3.42 trillion last financial year. The banking industry, which includes foreign banks…

New money laundering norms stump jewellery sector

New money laundering norms stump jewellery sector Dealers with turnover of Rs 2 crore and above covered; industry says threshold too low The central government has notified the money laundering rules for the gems and jewellery sector with immediate effect. Now, any entity deals in precious metals, precious stones, or other high-value goods and has a turnover of Rs 2 crore or more in a financial year will be covered under the Prevention of Money Laundering Act, 2002 (PMLA, 2002). The limit of Rs 2 crore would be calculated on the basis of the previous year’s turnover, said the notification. The directorate general of goods and service tax intelligence has been appointed under the Act. Sources said the government’s move to apply the PMLA to the jewellery sector was a fallout of income-tax raids on jewellers soon after demonetisation last November, when it was found that they sold gold and jewellery at a huge premium and accepted old currency notes as payment. The notification, issued on Augus…

Confusion over branded food GST

Confusion over branded food GST The GST Council's statement over the weekend on applying tax on branded food items has left most of the trade confused.

Even though the Council has not changed the rates on food -0 per cent on unbranded stuff and 5 per cent on brands -many small traders who didn't levy GST earlier said they could come under the 5 per cent slab after the clarification.

While they predicted some increase in consumer prices, large players said they can absorb GST in many ways and keep prices steady.

"Trade is confused and hence on behalf of our chamber, we have asked our members to go ahead and charge 5 per cent GST," said Sushil Sureka, general secretary of the Ahilya Chamber of Commerce and Industry in Indore.

The statement clarifying the application of GST came after some businesses were found deregistering their brands and selling under corporate brand name without paying tax, after the Council exempted unbranded food from the new all-encompassing indirec…