Skip to main content

Tired of monthly GST return filing Govt may review process

Image
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

RBI rushes in to prop up falling rupee

By
RBI rushes in to prop up falling rupee India’s central bank reportedly intervened in the currency markets on Monday to prevent a further slide in the local unit, which breached the 67 mark to a dollar for the first time in 15 months amid a widening trade gap and runaway import bills fuelled by high crude-oil prices. Some state-owned banks were seen selling dollars aggressively, interventions that market dealers attributed to the central bank’s strategy to stem the decline of the Indian rupee against the US currency. The rupee is the worst performing among a dozen Asian monetary units in the past three months. It lost 4.25 per cent to the dollar during the period, show data from Bloomberg. On Monday, the Reserve Bank of India (RBI) is said to have sold about Rs 800 million collectively on the spot and exchange traded futures markets, dealers said. An email sent to RBI remained unanswered until the publication of this report. The currency market has seen such a strong central bank interven…
Post a Comment
Read more

GST Refund of Rs 20,000 Cr Pending: Exporters’ Body

By
GST Refund of Rs  20,000 Cr Pending: Exporters’ Body Refund of over Rs 20,000 crore on account of Goods and Services Tax (GST) is pending with the government with more than half the amount stuck as input tax credit, Federation of Indian Export Organisations said on Tuesday. While claims over Rs7,000 crore were cleared in March, the amount was Rs 1,000 crore in April.However, after exporters’ request, the GST council and tax department are organizing a second phase of Special Refund Fortnight starting May 31, which will enable exporters to draw their refunds at a speedy pace. Many exporters have been unable to file the refund of input tax credit due to technical glitches, exports and claim happened in different months. The major challenge lies on ITC refund especially because the process is partly electronic and partly manual which is cumbersome and add to the transaction cost, the exporters’ body said. On IGST, refunds are getting delayed due to airline and shipping companies not submitt…
2 comments
Read more

Shrinking footprints of foreign banks in India

By
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…
Post a Comment
Read more