One nation, one tax: Nearly 3 million GST returns filed in August

Almost half came on final day; Network chief says system stood up to huge test and all glitches would be soon resolved

 

 

As many as 2.97 million assessees have filed the summary input-output return under the new goods and services tax (GST) for the month of August (‘GSTR 3B’), much less than the 4.6 million that came for the month of July.

As many as 46 per cent of filers — 1.37 million — submitted Income tax return on Wednesday, the deadline for doing so.

However, the July returns had risen after an extension of five to eight days was given to assessees, depending on whether they wanted to claim input tax credit for pre-GST stocks or not. The GST Network (GSTN), the entity handling the information technology backbone for the new structure, is hopeful that return filing would equal the tally of July.

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Even if the same number of filers are there for the month of August as in July, proportionately it would be much less. This is so because there were only 5.95 million registrations under the GST in July, excluding those opting for the composition scheme. Now, a little over nine million businesses have registered under the GST. Of this, around one million was for the composition scheme; these may file quarterly returns.

Taxes to the tune of Rs 95,000 crore were collected in the maiden month of the roll-out. The central GST (CGST) and state GST (SGST) laws mandate an interest levy at 18 per cent for delayed payment of tax. And, Rs 100 a day will be levied for... Read Full Article