Skip to main content

Tired of monthly GST return filing Govt may review process

By
Tired of monthly GST return filing Govt may review process
The government may review the requirement of filing at least three returns every month under the GST regime with a view to easing compliance burden of taxpayers, officials said.Presently, businesses have to file returns in GSTR-1, GSTR-2 and GSTR-3 forms for every month. These forms detail outward supplies of taxable goods and/or services, inward supplies for claiming input tax credit and monthly return
The review follows businesses complaining problems in matching invoices while filing July returns."There will be a review of the norms to file GSTR-1, 2 and 3. Businesses have complained of trouble in invoice matching while filing GSTR-2. It would be reviewed whether matching of invoices would be pursued in the coming months," a senior government official told PTI.
Under the Goods and Services Tax (GST) regime rolled out from July 1, the government has allowed businesses to file initial returns and pay taxes by filing up form GSTR-3B by the 20th day of next month.This form is only for period July to December and would be discontinued from January
The official said the GST Council, headed by Union Finance Minister Arun Jaitley and comprising representatives of all states, may also consider extension of GSTR-3B filing beyond December as the Central Board of Excise and Customs (CBEC) feel that the filing the initial returns has stabilised and businesses have got used to the system.
The first three months of GST roll out have earned a cumulative revenue, including Integrated GST collections, of around Rs 2.78 lakh crore to the exchequer.The final GST returns are to be filed by submitting form GSTR-1, 2 and 3. Businesses have filed GSTR-1 return, which is the sales returns, for the month of July and over 47 lakh business have filed it.
These sales returns will have to be matched with the purchase invoice to be filed in GSTR-2. So far over 21 lakh businesses have filed July GSTR-2 and the due date for filing has been extended by a month to November 30.After matching of GSTR-1 and 2, the businesses will have to file July GSTR-3, the last date for which is December 11.
The Times of India, New Delhi, 07th November 2017

Comments

Post a Comment

Popular posts from this blog

Household debt up, but India still lags emerging-market economies: RBI

By
  Although household debt in India is rising, driven by increased borrowing from the financial sector, it remains lower than in other emerging-market economies (EMEs), the Reserve Bank of India (RBI) said in its Financial Stability Report. It added that non-housing retail loans, largely taken for consumption, accounted for 55 per cent of total household debt.As of December 2024, India’s household debt-to-gross domestic product ratio stood at 41.9 per cent. “...Non-housing retail loans, which are mostly used for consumption purposes, formed 54.9 per cent of total household debt as of March 2025 and 25.7 per cent of disposable income as of March 2024. Moreover, the share of these loans has been growing consistently over the years, and their growth has outpaced that of both housing loans and agriculture and business loans,” the RBI said in its report.Housing loans, by contrast, made up 29 per cent of household debt, and their growth has remained steady. However, disaggregated data sho...
Post a Comment
Read more

External spillovers likely to hit India's financial system: RBI report

By
  While India’s growth remains insulated from global headwinds mainly due to buoyant domestic demand, the domestic financial system could, however, be impacted by external spillovers, the Reserve Bank of India (RBI) said in its half yearly Financial Stability Report published on Monday.Furthermore, the rising global trade disputes and intensifying geopolitical hostilities could negatively impact the domestic growth outlook and reduce the demand for bank credit, which has decelerated sharply. “Moreover, it could also lead to increased risk aversion among investors and further corrections in domestic equity markets, which despite the recent correction, remain at the high end of their historical range,” the report said.It noted that there is some build-up of stress, primarily in financial markets, on account of global spillovers, which is reflected in the marginal rise in the financial system stress indicator, an indicator of the stress level in the financial system, compared to its p...
Post a Comment
Read more

Retail inflation cools to a six-year low of 2.82% in May on moderating food prices

By
  New Delhi: Retail inflation in India cooled to its lowest level in over six years in May, helped by a sharp moderation in food prices, according to provisional government data released Thursday.Consumer Price Index (CPI)-based inflation eased to 2.82% year-on-year, down from 3.16% in April and 4.8% in May last year, data from the Ministry of Statistics and Programme Implementation (MoSPI) showed. This marks the fourth consecutive month of sub-4% inflation, the longest such streak in at least five years.The data comes just days after the Reserve Bank of India’s (RBI) Monetary Policy Committee cut the repo rate by 50 basis points to 5.5%, its third straight cut and a cumulative reduction of 100 basis points since the easing cycle began in February. The move signals a possible pivot from inflation control to supporting growth.Food inflation came in at just 0.99% in May, down from 1.78% in April and a sharp decline from 8.69% a year ago.A Mint poll of 15 economists had projected CPI ...
Post a Comment
Read more