Skip to main content

GSTR1 filing nosedives after deadline extension

GSTR1 filing nosedives after deadline extension
The pace of filing goods and services tax (GST) returns under sales, or GSTR1, nosedived on Saturday evening, when the Council in the meeting in Hyderabad decided to give businesses another month till October 10 to do so.
About less than half the expected returns in July had been filed by the earlier deadline of Sunday.
The traffic on the GST Network (GSTN) portal on Saturday declined significantly from 80,000 users an hour to just 17,000 after Union Finance Minister Arun Jaitley announced the extension.
As of Tuesday, about 2.8 million GSTR1 returns were filed.
This is out the 5.95 million registered taxpayers July.
“The pace of filing was robust till announcement of the extension.
It wasasteep decline from that hour. This speaksalot about the mentality to defer things till the last day,” saidagovernment official.
The deadline for filing purchase return, or GSTR2 and GSTR3, which is match of GSTR1 and GSTR2 for July, has been extended to October 31 and November 10 from September 25 and September 30, respectively.
Jaitley had said that the decision to extend the filing date had been taken after the GSTN portal was overloaded twice or thrice.
In the case of GSTR 3B, the summarised return, 74 per cent, or 4.4 million, have been filed.
The government received ~95,000 crore in revenues for July so far.
At the Business Standard GST Round Table earlier this month, Revenue Secretary Hasmukh Adhia had pointed out that there wasatendency among people to postpone work till the last day. “The problem is too many people try to file returns on the last date, despite an extension.
You should be filing returns on time.
My suggestion is, do not panic.
Do not wait for the last day,” he had said. have been reporting issues to invoice matching, claiming credits via Tran1 form, errors in final submission, uploading and invoices among others.
summarised return filing, 3B, which was earlier for two —July and August —has been extended by four months till December.
Aministerial level committee will be constituted to oversee technical and operational issues pertaining to the GSTN.
The panel will comprise three to five state finance ministers to look at traders´ concerns.
The issues faced by companies include the slow response of the GSTN portal, intermittent accessibility of the portal, and errors popping up.
The companies say in some cases, after uploading files, the portal takesafew hours to process them.
The Business standard, New Delhi, 13th September 2017 


Popular posts from this blog

At 18%, GST Rate to be Less Taxing for Most Goods

About 70% of all goods and some consumer durables likely to cost less

A number of goods such as cosmetics, shaving creams, shampoo, toothpaste, soap, plastics, paints and some consumer durables could become cheaper under the proposed goods and services tax (GST) regime as most items are likely to be subject to the rate of 18% rather than the higher one of 28%.

India is likely to rely on the effective tax rate currently applicable on a commodity to get a fix on the GST slab, said a government official, allowing most goods to make it to the lower bracket.

For instance, if an item comes within the 12% excise slab but the effective tax is 8% due to abatement, then the latter will be considered for GST fitment.

Going by this formulation, about 70% of all goods could fall in the 18% bracket.

The GST Council has finalised a four-tier tax structure of 5%, 12%, 18% and 28% but has left room for the highest slab to be pegged at 40%. A committee of officials will work out the fitment and the council…

Coffee-Toffee, the GST Debate Continues

Hundreds of crores of rupees in the form of taxes ride on the exact categorisation of products Is Parachute hair oil or edible oil? Is KitKat a chocolate or a biscuit? Is a Vicks tablet medicament or confectionery? For the taxpayer and the tax collector, this is much more than an exercise in semantics -hundreds of crores of rupees ride on the exact categorisation.
As the government moves closer to rolling out the goods and services tax (GST) on July 1, many such distinctions are being debated so that no ambiguity remains. Not just that, the government is revisiting old tax cases that were lost over product categorisation, according to people with knowledge of the matter, presumably with a view to making sure that revenue collections can be maximised. “In the past, several tax officers had challenged some of the product categorisations, including those in the retail segment, but lost out in court or at appellate level,“ said one of the persons. “Now we have a chance to go ahead with speci…

Deposit gush:-CA Institute Bats for Special Audit