With collection deadline nearing, GST sleuths tell city’s firms to file returns

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With the financial year’s tax collection targets to be met, officials of the goods and services tax (GST) commissionerate in Hyderabad have started scouring the city’s trade establishments. As many as 55 teams have been deployed by the GST commissionerate to collect intelligence on tax compliance by companies and trade establishments in the city. The GST commissionerate in Hyderabad has a target of Rs 2000 crore within the next 45 days, of which, they have collected only Rs 400 crore so far. However, sources said that after the recent arrests in GST fake invoice fraud cases coupled with continuous monitoring, the tax compliance is increasing in the city.

GST officials requested all the non-filers of GST returns and those who have stopped filing to immediately file their returns. Notices are being issued to the GST assesses and taxmen are knocking the doors of traders requesting them to pay their arrears. GST officials warned that if the arrears were not cleared, those who fail to file their GST returns will have to pay an interest of 18 per cent for every day past the deadline and 100 per cent penalty. Repeated incompliance may end up in de-registration of the unit or trade establishment. GST officials are hoping that returns will be e-filed on a large scale in the second half of February and March.

Read more at: https://timesofindia.indiatimes.com/city/hyderabad/with-collection-deadline-nearing-gst-sleuths-tell-citys-firms-to-file-returns/articleshow/68055426.cms