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Explore the Salient Features of GSTR-1

Explore the Salient Features of GSTR-1

GSTR-1 refers to a particular kind of return for outward supplies, which should be filed by each registered dealer on a monthly or quarterly basis. It necessarily indicates the entire sales transactions of a business. This return is segregated into 13 sections which are listed below:

  1. The GSTIN of the business you are engaged in (you can also use a provisional Id as GSTIN, if you do not have one)
  2. The exact legal name of the business
  3.  The aggregate turnover achieved in the last financial year
  4. The taxable supplies/sales offered to registered individuals including UIN-holders
  5. Taxable sales/supplies offered to unregistered individuals who stay outside their base state and that exceeding Rs.2.5 Lakhs (which implies inter-state sales to unregistered individuals, which exceeds Rs.2.5 Lakhs)
  6. Export sales which is deemed and zero-rated
  7. Sales offered to unregistered individuals which is not included in the 5th point
  8. The entire sales which is carried out via an e-commerce operator
  9. The inter-state sales made to unregistered individuals up to an amount of Rs.2.5 Lakhs
  10. Exempted, nil-rated, and non-GST supplies – those which are exempted and not included in the above points
  11. Amendments made in taxable supplies/sales to registered businesses in the preceding months
  12. Amendments made in taxable supplies/sales to unregistered businesses in the past months
  13. Information regarding advances adjusted or received during a month, from the clients
  14. The HSN summary for outward supplies
  15. The documents which are issued during a month, which contain information on the invoice serial numbers, debit notes, and credit notes for the month.
Due Date For GSTR1

What is the Due Date for Filing GSTR-1?

The due date for filing GSTR-1 depends on the turnover of the business. Those businesses which have sales up to Rs.1.5 Crore would have to file quarterly returns whereas, other taxpayers that have sales more than Rs.1.5 Crore would have to file monthly returns which will be 11th of every month.

Who All Are Required to File GSTR-1?

Each registered person is needed to file GSTR-1, regardless of whether there are any transactions carried out during a particular month or not.

The list of registered individuals who are exempted from filing the return are given below:

  • Composition Dealers (The composition scheme is an easy scheme under GST for small-time taxpayers, in which they can avoid complicated GST formalities and remit GST for a fixed turnover rate. This scheme is applicable for those taxpayers that have a turnover less than Rs.1.0 Crore (as per a notification of CBIC, the threshold limit has been increased from Rs.1.0 Crore to Rs.1.5 Crore))
  • Input Service Distributors (An Input Service Distributor or ISD refers to a business for which invoices are issued for the services used by its branches. The tax paid is disbursed to these branches on a proportional basis by means of an ISD invoice. Further, though these branches can have dissimilar GSTINs, they need to have the same PAN as the ISD)
  • Those who are suppliers of Online Information and Database Access or Retrieval (OIDAR) services and have to pay tax by themselves according to Section 14 of the IGST Act
  • The taxpayers who are accountable to collect TCS (The TCS or the Tax Collected at Source refers to the tax owed by a seller which he collects from a buyer during the time of sale. There are certain organizations or people that are classified as sellers for TCS such as the State and Central governments, local authorities, statutory corporation or authority, the companies registered under the Companies Act, the partnership firms, etc. Similarly, there are a few buyers that are liable to pay TCS to the sellers like the Central and State governments, public sector companies, sports and social clubs, etc.
  • The taxpayers who are accountable to deduct TDS (The TDS or Tax Deducted at Source is a method to levy tax based upon a particular percentage on the amount, which should be paid by the receiver on services or goods. The tax which is collected thus would be taken as revenue by the government. The government agencies, local authorities, the departments or establishments belonging to the State or Central government, and some categories of people as per the notification of the government are liable in deducting TDS under the GST Law. Further, according to a recent notification, a board, or an authority, or any other body which is set up by the government, or a State Legislature, or Parliament, of which 51% equity is owned by the government are supposed to deduct TDS. Others who are eligible to deduct TDS include, a society which is registered under the Societies Registration Act, 1860 and has been established by a local authority or any State or Central government, and the public sector undertakings.
  • A non-resident taxable person (As per the GST Law, a non-resident taxable person refers to any individual who performs transactions which include the distribution of services or goods, or both, either as an agent or a principal, or in any other capacity, but do not have a residence or permanent place of business in India).

Is it Possible to Revise GSTR-1?

Once a return is filed, it is unable to revise the same. If there are any mistakes made in the filing of the return, it could be corrected in the next monthly or quarterly return. For example, if there is a mistake made in the September GSTR-1, you are able to rectify it in the October GSTR-1.

Consequences of Late Fee and Penalty

There is a late fee imposed if you do not file GSTR-1 on time, which is Rs.200 for each day of delay (Rs.100 each according to CGST and SGST Act. The late fee is charged from the date succeeding the due date.  As per a recent update, for nil returns, the late fee has been reduced to Rs.50 and Rs.20 for each day.

To sum it up, it is essential to know the basics of the GSTR-1 return before filing the same to avoid any mistakes. This blog gives an outline of what GSTR-1 is all about.

GSTN releases offline tool of new GST return for trial run

GSTN releases offline tool of new GST return for trial run

Goods and Services Tax Network (GSTN) on July 30 released trial version of offline tools of GST forms related to supply of goods and services. The offline tools have been released for Annexure of supplies (GST ANX-1) and Annexure of Inward Supplies (GST ANX-2), GSTN, which is the IT backbone of the indirect tax regime, said in a statement.

These two forms would be part of the proposed GST Return filing system under which a taxpayer would have to file FORM GST RET-1 (Normal) or FORM GST RET-2 (Sahaj) or FORM GST RET-3 (Sugam) on either monthly or quarterly basis.

GSTN provides offline tools that can be downloaded for filing GST returns.

All the outward supplies will be detailed in GST ANX-1 while GST ANX-2 will contain details of inward supplies auto-populated mainly from the suppliers’ GST ANX-1.

It will also contain details auto-populated from Form GSTR-5 and Form GSTR-6.

“The taxpayer will be required to take action on details of inward supplies contained in Form GST ANX-2 by accepting or rejecting the entries. The taxpayer can also keep the invoice pending by marking the entry accordingly,” the release said.


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Source: Money-Control
GSTR-1 Due Date extended

GSTR-1 Due Date extended

The Central Government has extended the due date for filing GSTR-1, the quarterly return for registered persons with aggregate turnover up to Rs. 1.50 Crores for the period of October to December 2018 to 31st January 2019.

The GST portal today showed that the due date for filing GSTR-1 is 31st January 2019.

GSTR-1 is a monthly or quarterly return that should be filed by every registered dealer. It contains details of all outward supplies i.e sales.

 

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Source : Taxscan
Keeping it simple: Reconciliation of GST data in 5 steps

Keeping it simple: Reconciliation of GST data in 5 steps

Reconciliation under Goods & Services Tax (GST) is about matching the data filed by the supplier with those of the recipients and recording all the transactions that have taken place during that period. The reconciliation process ensures that no sales or purchases are omitted or wrongly reported in the GST returns.

The taxpayers must reconcile their data on a regular basis with that of the vendors to claim eligible Input Tax Credit (ITC). The process of reconciliation is simple, but can be time-consuming, as the taxpayers are required to continuously keep an eye on any discrepancy or mismatches that may affect the ITC claim.

This article will bring about clarity to an otherwise tedious process in less than 5 easy steps.

1. Under the reconciliation process of GST for the financial year (FY) 2017-18, the taxpayers are required to mandatorily file all the periodic GST returns. Even if the due date for a particular GST return is missed, it should be filed along with the interest or the late fees as applicable. As long as the GST returns are not filed, matching and reconciliation process will not take off. The taxpayers need to update their books of accounts and align the tax returns accordingly. Unless and until all the GST returns are filed, the taxpayers won’t be able to claim adequate ITC.

2. Furthermore, the taxpayers should identify the mismatches and correct the relevant entries in the books of accounts. They should also amend these details in the coming GST return filing period. GST laws do not allow for revision of tax returns filed in the previous periods. However, it does allow for filing of the corrected entries via an amendment return in the next periodic return. These amendment entries should be filed in GSTR 1 & GSTR 3B, accordingly.

Make sure you carefully match the purchase register with GSTR 3B (uploaded month wise) and with GSTR 2A details (uploaded by the supplier). It is important to streamline the books of accounts, the GSTR-3B return, and GSTR-2A form to fully avail the ITC on the relevant purchases; otherwise, the taxpayer will lose ITC claim and will end up paying extra taxes.

3. The congruity between the books of accounts and the GST returns is crucial for claiming ITC. Additionally, taxpayers while claiming ITC on purchases should keep a check on taxes paid under the reverse charge mechanism. However, a taxpayer can only avail credit of taxes paid under reverse charge mechanism only if the goods and/or services are used or will be used for purpose of business.

4. Communication is the key, especially amongst the vendors and customers. This coordination results in uniform reporting of the details in the GST returns. Chances of mismatches, omission or incorrect entries are reduced when the suppliers’ and the recipients’ synchronize their details and then file GST returns. It is also very important to identify the non-compliant vendors, interact with them, and resolve the queries; this will help the recipients maximise ITC. Now, advanced reconciliation software can help reduce this communication gap between the suppliers and the recipients. These software enable the users to send a reconciliation mismatch report to the vendors or suppliers to resolve any issue arising out of it.

5. Lastly, the taxpayers should report all the rectified sale or purchase transactions of the FY 2017 -18, for the September returns. This September 2018, the returns are to be filed by 20 October 2018. This is the last chance for the taxpayers to report and correct all differences filed in tax returns of FY 2017-18.

Any taxpayer who has not claimed ITC in the preceding months can avail the same in the subsequent months, but not later than the filing of annual return i.e GSTR -9 or filing of GST returns for September month of the subsequent financial year, whichever is earlier. Any amendments or changes to the previously filed returns can be done within the same timeline.

GST reconciliation is a recurring event, it must be performed periodically to claim maximum credit and to avoid mismatches on a larger scale. The taxpayers shall communicate the queries with his recipients or vendors at the earliest and file error-free returns.

XaTTaX: Cloud and On-Premises Based GST Filing Software For India

Source: Economic Times.India
Author: Archit Gupta
Simplified GST Return Forms to be Rolled Out from April 1, Says Revenue Secretary

Simplified GST Return Forms to be Rolled Out from April 1, Says Revenue Secretary

The new simplified GST return forms will be rolled out from April 1, 2019, Revenue Secretary Ajay Bhushan Pandey said Tuesday.

He exuded confidence that the government will achieve the budgeted target for Goods and Services Tax (GST) collection and said the revenue department is getting inputs about entities which are evading taxes.

In the first eight months (April-November) of the current fiscal, the government has mopped up over Rs 7.76 lakh crore from GST. The 2018-19 budget had estimated annual GST collection at Rs 13.48 lakh crore, which means a monthly target of Rs 1.12 lakh crore.

“We are short by Rs 4,000 crore this month (November). To arrive at any conclusion we have to have some more months’ data. But we are confident that we will be able to achieve our target. Our monthly target is around Rs 1 lakh crore. This we want to increase to Rs 1.10 lakh crore,” Pandey said. GST collection in November was Rs 97,637 crore.

Speaking to reporters on the sidelines of the Directorate of Revenue Intelligence (DRI) Foundation Day, the secretary said the refund process is being further streamlined to make it completely online and taxpayer friendly.

When asked about the rollout of the simplified return forms, Pandey said, “we are targeting from April 1”.

In July, the Central Board of Indirect Taxes and Customs (CBIC) had put up in public domain draft GST returns forms ‘Sahaj’ and ‘Sugam’ and sought public comments. These forms would replace GSTR-3B (summary sales return form) and GSTR-1 (final sales returns form).

Pandey further said the next meeting of the GST Council, chaired by Union Finance Minister and comprising state counterparts, will be held this month.

XaTTaX: Your automated E-Way bill compliance is just a click away!

Source: News18
GST Annual Return And Audit: Complexities Galore

GST Annual Return And Audit: Complexities Galore

In less than 30 days from now, over 1.15 crore taxpayers will have to file the Goods and Services annual return and audit forms. Made available by the government in September this year, the forms require businesses to not only consolidate information that they have been filing in monthly returns but also reconcile it. Both the forms are fraught with complexities and given that many companies have only now engaged auditors, it would be near impossible to meet the Dec. 31 deadline, experts told BloombergQuint.

GST Annual Return: Surprises

The annual return Form 9 is essentially consolidation of information that taxpayers have been filing via summary return Form 3B and outward supplies Form GSTR 1. It requires consolidation of outward and inward supplies, input tax credit, tax paid, GST demands and refunds.

There are two key areas of concerns in Form 9: requirement of HSN Code for input side and bifurcation of input tax credit or ITC.

The HSN Code Problem:

HSN codes are prescribed by the government to classify goods and services. So far, a buyer while filing Form 3B and GSTR 1 didn’t have to mention the HSN codes of the inputs—i.e. goods bought from a vendor. But the annual return form requires them to do this classification. This is new information altogether that needs to be given and companies’ ERP systems are not geared to give input classifications, Jigar Doshi, an indirect tax partner at SKP Business Consulting, pointed out.

Ritesh Kanodia, a partner at Dhruva Advisors questioned the need for this data.

“The liability for a taxpayer arises only on account of HSN of goods and services he sells and their rate of tax. The HSN of the vendor is not his liability. He merely takes credit for what he has paid for the inputs. He is not going to get into the debate of what is the HSN of the inputs, the rate of tax on them, etc.”

Ritesh Kanodia, Partner, Dhruva Advisors

So there is no need for him to get into the HSN for inputs and many companies won’t even have this data, he said.

ITC Bifurcation Problem: 

The annual return requires a three-way split of ITC availed into inputs, input services, and capital goods credits, Doshi said. But in the reporting so far, there was no concept of ITC bifurcation, Kanodia added. He explained the issue by way of an illustration—let’s say, we purchase some machinery. That is a fixed asset. So the credit has been taken as capital goods. If I purchase some inputs, credit has been taken as that and similarly for input services. What has been reported in Form 3B so far is the total figure.

“This data is not appearing anywhere else. Credit is available to me, I can consume that credit. Capital goods—I can understand—because there are certain rules around capital goods. But why do I need this bifurcation for input and input service?”

Ritesh Kanodia, Partner, Dhruva Advisors

That’s another layer of complication which has been added in the annual return form, he said.

GST Audit: Complexities

The complexities in the annual return form pale in comparison to what the audit process entails, both the experts pointed out.

Divided in two parts, the GST Audit Form 9C needs to be filed by a taxpayer who has an aggregate annual turnover exceeding Rs 2 crore. It requires companies to reconcile turnover declared in the financial statement and annual return, tax liability and tax paid, input tax credit availed and reported. Any liability arising out of non-reconciliation also needs to be specified.

This form is trying to dissect the entire financial statement—P&L and balance sheet— and compare the numbers on the outward-inward side and the tax-paid side with the annual return numbers which have been disclosed, Doshi said.

The objective is to assess whether you’ve paid GST on transactions recorded in the books of accounts and, if not, then the explanation for it needs to be provided, Kanodia said. “Similarly, on the credit side, whatever credits you have taken, there is an entry in the books of accounts. That needs to be reconciled with the annual return. So, reconciling rupee to rupee with the books of account is the objective of this exercise,” he added.

And the complexities are many:

Unclear Time Period: The filing threshold is based on gross turnover in a financial year, Kanodia said, but GST came in July. “You have lot of adjustments which happen in any financial accounting—for instance, unbilled revenue. Do I consider the beginning of the financial year or the beginning of July? There are lot of adjustments which need to be seen,” he added.

State-Wise Audit: Doshi explained that GST Identification Number is the basis for the audit. If a taxpayer has branches in five states and each has a separate GSTIN, then five audits need to be done. This would require GSTIN-level bifurcation of audited financial statements which most companies do not maintain, he said.

Reconciliation Issues: GSTR 1, which is filed at the state level, will need to be reconciled with the income and sales ledger at the company P&L level which is not available state-wise and it’s likely that the consolidated figure of different states’ GSTR 1 may not match with the annual P&L, Kanodia explained. This could be due to accrual entries, IND-AS, out-of-scope GST supplies, etc, he added.

“This may entail a line-item level analysis to find out unreconciled line items and ascertain reasons of such mismatch, which is time consuming. Availability of data in the right format is critical to carry out such reconciliations.”


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Source: Bloomberg Quint
Government extends deadline for GST returns filing for taxpayers affected by cyclones

Government extends deadline for GST returns filing for taxpayers affected by cyclones

The government has extended the date for filing summary GST sales returns for October by a month to December 20 for taxpayers affected by cyclones in Andhra Pradesh and Tamil Nadu.

For taxpayers whose principal place of business is in the district of Srikakulam in Andhra Pradesh, the due date for filing GSTR-3B for the months of September and October has been extended till November 30, 2018.

Those taxpayers whose principal place of business is in the 11 specified districts of Tamil Nadu, the GSTR-3B for the month of October has to be filed by December 20.

“In view of the disturbances caused to daily life by Cyclone Titli in the district of Srikakulam, Andhra Pradesh, and by Cyclone Gaza in eleven districts of Tamil Nadu viz., Cuddalore, Thiruvarur, Puddukottai, Dindigul, Nagapattinam, Theni, Thanjavur, Sivagangai, Tiruchirappalli, Karur and Ramanathapuram, the competent authority has decided to extend the due dates for filing various GST returns,” a finance ministry statement said.
The last date for filing GSTR-3B for a month is the 20th day of the subsequent month.

Taxpayers having an aggregate turnover of more than Rs 1.5 crore and whose principal place of business is in the district of Srikakulam in Andhra Pradesh, final sales return or GSTR-1 for September and October has to filed by November 30.

The government has extended the date for filing summary GST sales returns for October by a month to December 20 for taxpayers affected by cyclones in Andhra Pradesh and Tamil Nadu.

For taxpayers whose principal place of business is in the district of Srikakulam in Andhra Pradesh, the due date for filing GSTR-3B for the months of September and October has been extended till November 30, 2018.

Those taxpayers whose principal place of business is in the 11 specified districts of Tamil Nadu, the GSTR-3B for the month of October has to be filed by December 20.

“In view of the disturbances caused to daily life by Cyclone Titli in the district of Srikakulam, Andhra Pradesh, and by Cyclone Gaza in eleven districts of Tamil Nadu viz., Cuddalore, Thiruvarur, Puddukottai, Dindigul, Nagapattinam, Theni, Thanjavur, Sivagangai, Tiruchirappalli, Karur and Ramanathapuram, the competent authority has decided to extend the due dates for filing various GST returns,” a finance ministry statement said.
The last date for filing GSTR-3B for a month is the 20th day of the subsequent month.

Taxpayers having an aggregate turnover of more than Rs 1.5 crore and whose principal place of business is in the district of Srikakulam in Andhra Pradesh, final sales return or GSTR-1 for September and October has to filed by November 30.

Taxpayers having an aggregate turnover of more than Rs 1.5 crore and whose principal place of business is in the 11 specified districts of Tamil Nadu, they can file GSTR-1 for October by October 20, 2018.

Taxpayers having aggregate turnover of up to Rs 1.5 crore and whose principal place of business is in the district of Srikakulam in Andhra Pradesh, GSTR-1 has to be filed by November 30.


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Source: Zee Business
Last date for filing GSTR-1 for July 2017 to Sep 2018 extended till Oct 31

Last date for filing GSTR-1 for July 2017 to Sep 2018 extended till Oct 31

The Finance Ministry Monday extended the last date due date extend GSTR-1for filing final sales return GSTR-1 for July 2017 to September 2018 period till October 31and also waived the late fee for the delayed filing of returns.

It said that the number of taxpayers who have filed summary sales return GSTR-3B is substantially higher than the number of taxpayers who furnished GSTR-1.

“In order to encourage taxpayers to furnish Form GSTR-1, a one-time scheme to waive late fee payable for delayed furnishing of GSTR-1 for the period from July 2017 to September 2018 till October 31, 2018, has been launched,” the ministry said.

Under the Goods and Services Tax (GST), businesses with a turnover of over Rs 1.5 crore has to file final sales return or GSTR-1 by the 11th of next month. Accordingly, GSTR-1 for the month of September 2018, was required to be filed by October 11, 2018. This date has now been extended to October 31.

For taxpayers having aggregate turnover up to Rs 1.5 crore, the due date for furnishing GSTR-1 for the quarters from July 2017 to September 2018, too has been extended till October 31, 2018.

Businesses with a turnover of up to Rs 1.5 crore can file returns quarterly with returns for one quarter needed to be filed by the 31st day of next month.

“For registered persons having aggregate turnover up to Rs 1.5 crores in Kerala, or whose principal place of business is in Kodagu (Karnataka) and Mahe (Puducherry), the due date for furnishing GSTR-1 for the quarter July 2018 to September 2018 would continue to remain as November 15, 2018,” the ministry said.

Also Read: FinMin simplifies GST refund claim process for businesses

It further said that those taxpayers who will now be migrating to GST the last date for furnishing the details of outward supplies of goods or services or both in GSTR-1 and for filing the return in GSTR-3B for the months of July 2017 to November 2018 has been extended till December 31, 2018.

“…. the registered person shall not be entitled to take input tax credit in respect of any invoice after the due date of furnishing of the return for the month of September following the end of financial year to which such invoice pertains; or furnishing of the relevant annual return, whichever is earlier. The taxpayers are thus, advised to furnish their returns on time to ensure that input tax credit does not become time barred,” the ministry added.

AMRG & Associates Partner Rajat Mohan said, “This extension would entitle taxpayers to enjoy an additional window to correct their errors in tax filings before the tax credit for the recipients become time-barred for the financial year 2017-2018. Taxpayers should take this additional time to reconcile their books with customers before filing GSTR -1 for the month of September 2018”.

Goods and Services Tax (GST), which subsumes 17 local taxes, was rolled out on July 1, 2017.


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Source: Economictimes
E-Way Bills, GSTR1 data to be matched to curb tax evasion

E-Way Bills, GSTR1 data to be matched to curb tax evasion

To curb tax evasion, authorities will start matching details given in the Goods and Services Tax Return (GSTR1) Form Number 1 with those given in the e-way bill.GSTR1, e-way bills data to be matched to curb tax evasion

The matching will begin with returns to be filed for April as it is the first month when the tax authorities will have both GSTR1 and e-way bill data.

In the meantime, tax authorities have issued notices to over 8,000 assessees for differences in sales figures of more than 50 lakh in their GSTR1 and GSTR3B forms. Notices have been served on the basis of returns filed during August and December 2017. Based on their response, a decision will be taken on how much tax and penalty they need to pay.

“Matching process will ensure supply of goods have been done properly,” Prakash Kumar, CEO of GSTN, the IT backbone of the unified indirect tax system, told BusinessLine.

The logic behind matching is to plug any possible loophole in the filing of returns. All the GST assessees are required to file GSTR 1 either on monthly or on a quarterly basis while an e-way bill is required for movement of goods of value exceeding 50,000.

Commenting on the development, Rakesh Nangia, Managing Partner, Nangia & Co LLP, said the matching of details mentioned in GSTR-1 with the e-way bills will help in curbing tax evading practices as the invoice matching mechanism will be a significant tool in ascertaining the transaction details while matching it with the details furnished by the taxpayer.

“However, the said mechanism will be partly effective/beneficial since the only supply of goods can be traced by the matching concept. Further, the e-way bill is required on the movement of goods where consignment value exceeds 50,000,” he explained while adding that in cases where the value of goods does not exceed 50,000, matching would not be possible.

Also Read: GST – Eway bill: All you need to know and experiences

Action for mismatch

An option has been given on the e-way bill portal to take reports for particular tax period from e-way bill portal and match with tax invoices for outward supply and inward supply/delivery challan. Information about e-way bills, along with the transactions captured in GSTR1, will make it easy to spot mismatches in certain cases where an invoice has not been reported in GST return by the taxpayer or where the taxpayer fails to file his returns or furnishes wrong details.

“In such cases, notice may be served by the authorities demanding clarifications for a difference in tax amounts along with penalties. The said measures were adopted by the VAT authorities in the erstwhile regime also. Further in extreme cases, confiscation of goods, along with penalties may be imposed by the authorities,” Nangia said.

e-way bill was introduced from April 1. It is applicable for both inter-State and intra-States movement of goods, though the latter is being introduced on phases. So far, 18 States have adopted the e-way system. Maharashtra and 7 Union Territories will start the new system for the intra state/UT movement of goods from May 25 while the others will do so by June 3.

Also Read: Digital copy of Eway bill enough to give transporters right of way

E-way bill capacity

GSTN claims that there is the capacity to generate e-way bill up to 70 lakh every day. At present, on an average 11-13 lakh e-way bills are being generated every day. Nearly three-fourths of the e-way bills are related to inter-State trade while the remaining are for intra-State. However, once all the States start using e-way bill for internal movement, the ratio is expected to change to 50:50.

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Source: BusinessLine
Govt records highest GST filing in October, Punjab tops the list in compliance

Govt records highest GST filing in October, Punjab tops the list in compliance

All eyes are on GST as Centre plans better social pension

The Goods and Services Tax (GST) Council’s efforts to sort out the sundry issues plaguing taxpayers during the initial rollout and the steady reduction in tax rates seems to be paying off in terms of compliance and tax collections. As many as 43.67 lakh businesses have filed the initial GSTR-3B returns for October, the highest monthly return filing within due date since the new tax was introduced on July 1, according to a GST Network statement. That’s around 56% of the registered taxpayers. Punjab saw over 73% taxpayers filing GSTR-3B returns, the highest among all the states.

In fact, there has been a steady increase in the number of taxpayers filing the initial sales return. Over 39 lakh returns were filed within due date for September compared to 28.46 lakh for August. This can be attributed to two major factors. “One is greater awareness and the fact that GSTR-3B is a simpler form. The second is that the GSTN portal has been performing much better, especially [for] GSTR-3B and GSTR-1,” said Pratik Jain, leader, indirect tax, PwC India in a quote to The Hindu. Incidentally, GST registrations overall has crossed 11 crore from around 60 lakh in late August.

Of course, given the typical Indian mindset of dithering till the last minute, November 20-the last date for filing the summary returns for the previous month without interest-saw over 14.7 lakh taxpayers log into the GST Network portal; a new record for maximum returns filed in a single day.

“But the gap between eligible taxpayers and those filing returns by the deadline has continued to hover around 30 lakh, which would be a concern for the government,” said Abhishek Jain, tax partner, EY to The Financial Express. Nonetheless, the numbers should fan the government’s confidence that GST will widen the tax base and yield higher revenue than ever before.

 


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Source :  Business Today in
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