Over 4.3 million businesses file initial GST returns for October

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Over 4.3 million businesses have filed first set of returns for October, notching up the highest monthly filing by the due date since the new tax rolled out on July 1. 

The last date for filing GSTR-3B, the initial sales returns, was November 20 for the previous month.

Around 56% of the registered taxpayers had filed their GSTR-3B returns for October by November 20, a statement from GSTN said on Tuesday. 

“There is a steady rise in the number of taxpayers filing their GSTR-3B returns every month which is encouraging to see. The trend of taxpayers filing their returns on the last day continues though. Taxpayers are urged to file their returns early to avoid last minute hassles,” said Prakash Kumar, CEO, Goods & Services Tax Network (GSTN). 

The GSTR-3B filings for September and August stood at 3.9 million and 2.85 million, respectively, by the due date. The total returns for these months have since gone up to 5.6 million and 5.1million, respectively. 

November 20 also happened to be the day when GST portal has seen the maximum returns filed in a single day. As many as 1.48 million taxpayers filed their returns on the last day.

Punjab took the lead once again over all other states in filing the highest number of GSTR-3B returns for October. About 73.09% of the taxpayers in Punjab filed their GSTR-3B returns for October by the due date.

With higher filing, the government revenues could get a boost. GST revenues have been hovering around Rs 92,000 crore in the initial months. The government hopes the GST will widen the tax base. “Base is going to expand on GST going forward. If you look at the registrants, or if you look at the implied tax base, even next six months, we are going to look at bigger tax base than we thought before starting this enterprise,” chief economic advisor Arvind Subramanian had told ET in an interaction on Monday.

Committee to address filing issues

The government has set up a 10-member committee under GSTN chairman Ajay Bhushan Pandey to look into the requirements of filing returns in current financial year.

The committee will have tax commissioners from Gujarat, Karnataka, Punjab and Andhra Pradesh. It will also suggest if any modifications or changes in rules, laws and format, are required in returns.

It will submit the report by December 15.

The committee has been set up on the recommendations of the GST Council.

The council had also decided to keep in abeyance till March 31 the filing of GSTR-2 (purchase returns) and GSTR-3 (the matching of sales and purchase returns). Businesses will have to file simplified initial GSTR-3B forms till March, along with sales returns GSTR-1.

Read more at: https://economictimes.indiatimes.com/news/economy/policy/over-4-3-million-businesses-file-initial-gst-returns-for-october/articleshow/61745970.cms

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