More than 2.9 million file GST returns
PrintListen to this Article
GST Network, which is responsible for the information technology backbone of the indirect tax regime, has estimated about 4.8 million returns would be filed.
Those who have filed returns constitute over 34 per cent of total assessees, of about 8.7 million, under the GST regime. However, of the 8.7 million assesses, 2.2 million are yet to complete the migration process.
A last-minute rush had led to the GSTN portal crashing last week, forcing the government to postpone the tax filing deadline by five days to August 25. Those who wish to claim transitional input tax credit can file returns by August 28.
About 4.8 million taxpayers had saved their sales data on the portal till August 23 and they are just a step away from paying taxes and filing returns. An estimated Rs 50,000 crore had come in as taxes from those returns.
The taxes submitted include Central GST, State GST and Integrated GST, as also cess on luxury and demerit goods such as cars and tobacco.
The collection figure would go up once all taxpayers file returns and pay taxes.
While 7.2 million assessees of the old indirect tax regime have migrated to the GST portal, nearly 5 million have completed the migration process. Besides, of the 1.5 million fresh registrations that have happened, as many as 1 million are expected to file returns for July. #casansaar (Source - PTI, Business Standard)
Category : GST | Comments : 0 | Hits : 341
TEST
Dear Taxpayers, 1. GSTN is pleased to inform that an enhanced version of the GST portal would be launched on 3rd May 2024. The effort is to improve user experience and ensure that the information you need is accessible and easy to navigate. 2. Key Enhancements Include (PDF with screenshots attached): i. News and Updates Section: We have introduced a dedicated tab for all news and updates. This section now includes a bet...
The Supreme Court on Friday issued notices to the central government, the Central Board of Indirect Taxes and Customs (CBIC), the Goods and Services (GST) Council and the National Anti-Profiteering Authority (its functions have been taken over by the Competition Commission of India) on a petition challenging a Delhi High Court verdict, upholding the constitutional validity of anti-profiteering provisions filed by a real estate company. The petition, filed by Swati Realty, says the high court ...
The delectable Malabar Parota will taste even better with the Kerala High Court ruling that the popular flatbread will attract GST at 5 per cent and not 18 per cent. With this the court has turned down order by the State’s Authority of Advance Ruling (AAR) and Appellate Authority for Advance Ruling (AAAR). Disposing a petition by Kochi-based Modern Food Enterprises, a single judge bench of Justice Dinesh Kumar Singh said if key inputs (cereals, flour, starch, etc) and preparations are s...
A businessman from Delhi was taken into custody by the Noida police for his alleged involvement in a massive Rs 15,000 crore GST fraud that was exposed last year, TOI reported. Tushar Gupta, aged 39 and residing in Tilak Nagar, was arrested as the 33rd suspect in this case. The police revealed that Gupta had exploited input tax credit (ITC) using 35 fake companies, resulting in a loss of Rs 24 crore to the exchequer over the past two years. He was reportedly part of a syndicate that utiliz...
Comments