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GST collection drops for second month in Aug to Rs 86,449 crore

GST collection drops for second month in Aug to Rs 86,449 crore

The GST collection declined for the second consecutive month in August to Rs 86,449 crore, the finance ministry said on Tuesday.

On year-on-year basis, the August collection was 12 per cent lower compared to Rs 98,202 crore mopped up in the same month last year.

Of the gross collection, Central Goods and Services Tax (CGST) stood at Rs 15,906 crore, State Goods and Services Tax (SGST) Rs 21,064 crore, Integrated Goods and Services Tax (IGST) Rs 42,264 crore (including Rs 19,179 crore collected on import of goods) and Cess Rs 7,215 crore (including Rs 673 crore collected on import of goods).

Tax experts said the revenue numbers indicate that domestic economic activity is picking up and the drop in the collection is mainly due to reduced imports.

In a statement, the finance ministry said the government has settled Rs 18,216 crore to Central GST and Rs 14,650 crore to State GST from Integrated GST as regular settlement.

“The total revenue earned by Central Government and the State Governments after regular settlement in the month of August, 2020 is Rs 34,122 crore for CGST and Rs 35,714 crore for the SGST,” it added.

The revenues for August are 88 per cent of the GST collected in the same month last year. During the month, the revenues from import of goods were 77 per cent and the revenues from domestic transaction (including import of services) were 92 per cent of the revenues from these sources during the same month last year, the ministry said.

It further said that taxpayers with turnover less than Rs 5 crore have been permitted to file GST returns till September.

The GST collections have faltered since the beginning of the current fiscal as COVID-19-induced lockdown hampered economic activity.

The revenue in April was Rs 32,172 crore, May (Rs 62,151 crore), June (Rs 90,917 crore) and July (Rs 87,422 crore).

Leader (Indirect Tax) Pratik Jain said the trend in the last couple of months show collections seem to have stabilised at around 10 per cent lower than corresponding month last year.

“As things are opening up gradually, the collection is likely to be progressively better in coming months,” Jain said.

India Partner M S Mani said the collections are on the recovery path and GST collections on domestic transactions just 8 per cent lower than the same month last year indicate revival of economic activities.

“The state-wise data of GST collections indicates that the revival process has resulted in marginal collection increases in some states like Rajasthan and UP, marginal reductions in states like Haryana and Gujarat with significant dips in Maharashtra, Karnataka and Tamil Nadu,” Mani said.

Tax Partner Abhishek Jain said a significant part of the dip is attributable to imports, which has witnessed a decline as a result of reduced international trade.

“Also, domestic collections having attained 92 per cent year-on-year for operations in July is a sign of economic recovery post upliftment of lockdown,” he added.

Chairman and Founder Kapil Rana said: “The GST collection data demonstrates two things – domestic consumption is strongly overcoming the effect of the pandemic, secondly, people are showing more reliance on domestic products, which is pushing the domestic consumption hence the revenue collection”.

Source: Times-Of-India.

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Govt extends FY20 GST return filing date for composition dealers till October 31

Govt extends FY20 GST return filing date for composition dealers till October 31

The government on Monday extended by 2 months the due date for filing of annual GST returns for 2019-20 by composition dealers to October 31. This is the second extension in as many months given by the government.

The original deadline for filing the return was July 15, which was earlier extended till August 31.

The Central Board of Indirect Taxes and Customs (CBIC) in a tweet said, “Last date GSTR 4 for FY 2019-20 extended to 31st October 2020”.

Goods and Services Tax (GST) composition scheme can be opted by any taxpayer whose turnover is up to Rs 1.5 crore.

Under the scheme, manufacturers and traders are required to pay GST at the rate of 1 per cent, while restaurants (which do not serve alcohol) have to pay GST at 5 per cent rate.

Source: Economic-Times.

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GST Portal restores GST Returns data for the year 2017

GST Portal restores GST Returns data for the year 2017

The Goods and Services Tax ( GST ) Portal has restored the GST Returns data for the year 2017.

In a statement published in GST Portal said that, Facility to view, file and download returns of the period July 2017 has been restored on the portal. The functionality to enable taxpayers for filing revocation application again, in view of ROD order No.01/2020 has been implemented w.e.f. 6thAug, 2020

A couple days back taxpayers were unable to view, file or download returns on the GST Portal for the year 2017.

The professionals and taxpayers had lodged complaints for lost data of the year 2017.
Recently, the twitter handle of GSTN it had clarified that the facility to view, file, and download returns from the period July 2017 will shortly be restored.

Source: Taxscan.

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Public limited companies just 0.6% of GST taxpayer base but pay 35% of revenue

Public limited companies just 0.6% of GST taxpayer base but pay 35% of revenue

Public limited companies, which account for only 0.6% (72,151) of total GST-registered taxpayers, contribute about 35% to the GST revenue collection, data released by the GST Network showed. About 1.2 crore taxpayers are currently under the GST ambit.

Similarly, only 0.2% taxpayers are public sector undertakings but contribute above 9% of revenue under GST. Other top revenue contributors are firms constituted as private limited companies — about 6.75 lakh or 5.9% of total taxpayers have paid 27.5% of the revenue

The largest chunk of taxpayers — 80.2% — identify as proprietorship, and they pay about 13.4% of the total revenue collection. In terms of turnover, about 7% taxpayers fall under the Rs 5 crore and above category but pay nearly 81% of total taxes. (see chart)

taxpayers

Similarly, large taxpayers above the Rs 5-crore turnover threshold upload nearly 6,500 invoices per taxpayer per month compared with just 30 invoices if all taxpayers are taken into account. Invoices are required to be uploaded by GST assessees with the GSTR-1 Return which has details of outwards sales by the businesses.

Source: Financial-Express.


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June GST collections stand at Rs 90,917 crore

June GST collections stand at Rs 90,917 crore

Goods and service tax (GST) collections for June 2020 clocked Rs 90,917 crore at gross levels, 9% lower than the same month last year, the department of revenue said Wednesday.

The collections are higher than those recorded in April and May – the peak months of lockdown due to the Covid 19 pandemic – where GST collection for April was Rs 32,294 crore and Rs 62,009 crore for May.

However, for both months, the collections were lower than those in 2019. Collections in April were down 72% on-year and 38% down on-year in May.

For the month of June, of total collections of Rs 90,917 crore, CGST was Rs 18,980 crore, SGST was Rs 23,970 crore, IGST was Rs 40,302 crore, including Rs 15,709 crore collected on import of goods and Cess was Rs 7,665 crore, including Rs 607 crore collected on import of goods.

The government said GST collection for the first quarter of the year was 41% less than the revenue collected during the same quarter last year, but a large number of taxpayers still have time to file their return for the month of May, 2020 till early this month.

“Since government has allowed a relaxed time schedule for filing of GST returns, returns of the month of April, March as well as some returns of February got filed during June, 2020 and some returns of May, 2020, which would have otherwise got filed in June, will get filed during first few days of July,” the department said.

Source: Economic-Times.

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CBIC waives off late fee on late GST return filing

CBIC waives off late fee on late GST return filing

The Central Board of Indirect Taxes and Customs (CBIC) has notified waiver of late fee, capping of late fee at Rs 500 in some cases, interest payable on late payments and extension of due dates for businesses to file goods and service tax (GST) returns for the Covid-19 impacted period, till October.

The decisions were taken by the GST Council on June 12.

Taxpayers who do not have any tax liability but were yet to file returns for the period from July 2017 to January 2020 – prior to the Covid period – no late fee will be charged, the notification issued Wednesday said.

For taxpayers having liability but not having filed their returns, they can do so with a late fee of maximum Rs 500, if returns are submitted by July 1, 2020.

Small taxpayers whose aggregate turnover is up to Rs 5 crore will be provided a waiver of late fees and interest if they file the form GSTR-3B for the supplies affected in months of May, June, and July 2020, by September 30, 2020, the notification added.

During Covid period of February, March and April 2020, interest rate on late return filings by small taxpayers with turnover up to Rs 5 crore, will be reduced to 9% from 18%, if returns of inward supplies are filed till September 30.

Taxpayers having aggregate turnover of up to Rs 5 crore in the previous financial year, whose principal place of business is in the states of Chhattisgarh, Madhya Pradesh, Gujarat, Maharashtra, Karnataka, Goa, Kerala, Tamil Nadu, Telangana, Andhra Pradesh, the Union territories of Daman and Diu and Dadra and Nagar Haveli, Puducherry, Andaman, and the Nicobar Islands or Lakshadweep, the returns for August has to be filed by October 1, 2020.

For taxpayers with turnover more than Rs 5 crore, in Himachal Pradesh, Punjab, Uttarakhand, Haryana, Rajasthan, Uttar Pradesh, Bihar, Sikkim, Arunachal Pradesh, Nagaland, Manipur, Mizoram, Tripura, Meghalaya, Assam, West Bengal, Jharkhand or Odisha, the Union territories of Jammu and Kashmir, Ladakh, Chandigarh or Delhi, the return for August has to be filed by October 3, 2020.

Source: Economic-Times.


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GSTN releases FAQs on filing Form GSTR-3B as NIL

GSTN releases FAQs on filing Form GSTR-3B as NIL

The Goods and Service Tax Network (GSTN) releases FAQs on filing Form GSTR-3B as NIL.

Firstly, “Form GSTR-3B can be filed as a nil return if there are no outward supplies as well as a liability (including reverse charge liability) in the month, for which the return is being filed. This form can be filed nil, in both online mode and in offline mode (by SMS),” the GSTN clarified.

Secondly, the GSTN further stated that Nil Form GSTR-3B for a tax period can be filed, if the person Has not made any Outward Supply and do not have any reverse charge liability; do not intend to take any Input tax credit and do not have any Liability for that particular or earlier Tax Periods.

Thirdly, it was clarified that the Filing of Form GSTR-3B is mandatory for all normal and casual taxpayers, even if there is no business activity in any particular tax period. So, for such tax period(s), the return can be filed as NIL (if all conditions for filing Nil return are satisfied).

Fourthly while answering the question as to when can Nil Form GSTR-3B be filed, the GSTN clarified that a taxpayer may file Nil Form GSTR-3B, anytime on or after the 1st of the subsequent month for which the return is being filed for.
Instead of filing Nil Form GSTR-3B through online mode on GST Portal, it can be filed through SMS also.

However, for filing Nil Form GSTR-3B through SMS certain conditions needs to be fulfilled which includes taxpayer must be registered as Normal taxpayer/ Casual taxpayer/ SEZ Unit / SEZ Developer and must have a valid GSTIN; authorized signatory and his/ her phone number must be registered on the GST Portal; there is no pending liability of previous period tax, interest or late fee while filing Nil Form GSTR-3B; all GSTR-3B return of previous tax periods must be filed; and there must not be any data in saved stage, in the online version of Form GSTR-3B, on the GST Portal.

https://www.taxscan.in/preview/?previews=1nOM2yzPDgkNEW9Yo-T5xOMbJbC0G573s/

Source: TaxScan.
Clear picture of GST mop up in April to come by June-end: Finance Secretary

Clear picture of GST mop up in April to come by June-end: Finance Secretary

Finance Secretary Ajay Bhushan Pandey on Wednesday said the clear picture regarding GST collections for April would emerge only by June 30 — the deadline by which businesses with up to Rs 5 crore turnover can file returns without any late fee and interest. The government had in March extended the deadline to file GST returns for taxpayers with turnover of over Rs 5 crore by 15 days till May 5 from the due date of April 20 without payment of any late fee and interest. However, a reduced rate of 9 per cent interest will be levied if the return is filed after May 5 till June 30.

For taxpayers with turnover up to Rs 5 crore, there would be no interest and late fee would be waived if filed within the stipulated deadline set in June.

Conventionally, the government releases GST revenue mop up numbers on the basis of collections in a particular month. Hence, the collection in April was due to be released on May 1.

To a query on why the April GST number has not been released, Pandey said, “You know that the GST filing dates has been extended. If it will be extended, we have said that returns can be filed till June, people who have turnover of more than Rs 5 crore they also got more time.”

“So after giving these extensions, a clear picture about the revenue collection we will get only by June 30. That’s why we have not yet released the figure. People who are able to file returns have paid GST and rest have time till June 30. It is only after June 30 that we will have a clear idea of the revenue collected,” he said.

In the 2019-20 fiscal, the Goods and Services Tax (GST) collection remained above the key Rs 1 lakh crore-mark for seven months out of 12. The collection stood at Rs 97,597 crore in March.

The real impact of the coronavirus lockdown on GST revenue will be reflected in the revenue collections of May (for business activity in April) as the country was in complete lockdown last month with only essential services permitted.

Experts said the GST mop up in May would mainly come from sectors like telecom, FMCG, food processing and pharma.

Pandey, who is also the revenue secretary, further said about Rs 11,000 crore GST refunds have been issued during April.

The Central Board of Indirect Taxes and Customs (CBIC) had launched a Special Refund Drive in April to clear pending GST and drawback refunds to help businesses tide over the liquidity crunch amid the COVID-19 crisis.

Source: Economic-Times

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From 5.72 crore in Feb, e-way bills issued falls to 86 lakh in April

From 5.72 crore in Feb, e-way bills issued falls to 86 lakh in April

Even after the government repeated multiple times that all goods trucks are exempt from movement restrictions, their movement in April fell drastically to 15 per cent of what it was in February. The number in March fell by nearly 30 per cent compared to that in February.

Data of e-way bills issued — which is mandatory for transporting goods worth over Rs 50,000 — shows that even after the Centre allowed movement of all trucks and goods carriers on March 29, goods movement on the road has barely been able to bounce back since the nationwide lockdown was imposed on March 25.

GST Network data shows that against 5.72 crore e-way bills issued in February, only 86.09 lakh such bills were issued in April. These numbers include both inter as well as intra-state e-way bills. In March, when truck movement had nearly come to a halt, the total e-way bills issued were nearly 4.07 crore. In the first five days of May, 10.46 lakh bills have been issued. This means that from an average of 19.7 lakh e-way bills issued daily in February, the number slipped to 13.1 lakh daily e-way bills in March, then drastically to 2.87 lakh in April and 2.09 lakh for May so far.

However, it is important to note that the Centre had, in March, extended the validity of all e-way bills issued before March 24, due to the disruption caused by the lockdown. Usually, each e-way bill is valid for a day for a 100-km stretch of the truck’s journey.

The government, in a notification issued on May 5, extended all the e-way bills issued before March 24 till May 31. It had also extended the deadline to file Goods and Services Tax (GST) returns for entities with turnover of over Rs 5 crore by 15 days from the due date without payment of any late fee, interest and penalty. GST returns for transactions in March were to be filed by April 20, which was extended till May 5.

Even as almost all goods movement froze after the lockdown was announced, the government first clarified that movement of essential goods is allowed. Through another order on March 29, it allowed movement of all essential as well as non-essential goods.

In a letter to the chief secretaries of states, Union Home Secretary Ajay Kumar Bhalla clarified that “transportation of all goods, without distinction of essential and non-essential, have been allowed”, giving permission for trucks and goods carrier to move within the states and across states as well.

However, the GST Network data shows that not only has intra-state movement of trucks and goods carriers been severely hit, their movement between states has been affected even more.

While the inter-state e-way bills issued for February and March were about 40 per cent of the total e-way bills for these months, in April, the share of inter-state e-way bills in the total was just 28.3 per cent. Of the 86.09 lakh bills, inter-state e-way bills in April were only 24.43 lakh. For the first six days of May, inter-state e-way bills account for only 30.8 per cent of the total e-way bills.

Interestingly, the Centre is yet to disclose the GST collection figures for April. GST numbers for each month are usually released on the first day of the next month, but the government has deferred the release of the April GST figures. GST mop-up in March 2020 had slid below Rs 1 lakh crore to Rs 97,597 crore, an 8 per cent fall from the March 2019 collection of Rs 1.06 lakh crore.

Source: Indian-Express

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CBIC extends due date for Filing GST Annual Return

CBIC extends due date for Filing GST Annual Return

The Central Board of Indirect Taxes and Customs ( CBIC ) has extended the due date for filing GSTR-9 (Annual Return) for the Financial Year 2018 – 19 to be extended till the 30th of September, 2020.

The GST Council, in its 39th meeting, had extended the due date for filing GSTR-9 (Annual Return) and GSTR-9C (Reconciliation Statement) for the Financial Year 2018 – 19 to 30th June 2020.

GSTR 9 is an annual return to be filed yearly by taxpayers registered under GST. It consists of details regarding the outward and inward supplies made/received during the relevant previous year under different tax heads i.e. CGST, SGST & IGST, and HSN codes. It is a consolidation of all the monthly/quarterly returns (GSTR-1, GSTR-2A, GSTR-3B) filed in that year. Though complex, this return helps in extensive reconciliation of data for 100% transparent disclosures.

The late fees for not filing the GSTR 9 within the due date is Rs 100 per day, per act. That means late fees of Rs 100 under CGST and Rs 100 under SGST will be applicable in case of delay. Thus, the total liability is Rs 200 per day of default. This is subject to a maximum of 0.25% of the taxpayer’s turnover in the relevant state or union territory. However, there is no late fee on IGST yet.

Read Notification here: https://www.taxscan.in/preview/?previews=15ax53cDwCpa7kwoRqfcTGX6Lai_q4Go_

Source: TaxScan.

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