Skip to main content

GSTR1 filing nosedives after deadline extension

By
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 

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