Markets

GST Network likely to face heavy rush next week

GST Network likely to face heavy rush next week

"We have been requesting the dealers not to keep filing of returns for last day", Sushil Kumar Modi, head of Group of Ministers (GoM) set up to look into the technical issues faced by GST Network, told reporters after the conclusion of its first meeting, here on Saturday. He has informed that 47 lakh dealers had filed 3B summery returns in July and in August over 3 lakh dealers have filed summery returns.

"We have already extended the period for GSTR-3B. There is not going to be any extension of time for GSTR3B", said Adhia. "The last dates of filing returns for GSTR-2 and GSTR-3 are October 31 and November 10, respectively", he added. "The attempt was to work around the difficulties to eliminate problems, leading to better understanding of all stakeholders".

Almost 85 lakh dealers, including migration of 62.25 lakh dealers under Value-Added Tax, have registered under the GST.

When opting for the Composition Scheme under GST, a taxpayer will be required to file summarised returns on a quarterly basis, instead of three monthly returns, in case his turnover is below Rs 75 lakh. GSTN is the biggest network in the world.

"As the new tax regime is being implemented only since July 1, with filings, posting invoices, making payments and returns entirely online through the GST Network (GSTN), there are bound to be glitches in the initial days, which we are trying to address them on fast track", said Modi after chairing the GoM's first meeting here.

It was decided that GoM would hold meeting every 15 days and the next meeting would be held again in Bengaluru in the beginning of October.

Singapore condemns North Korea's ballistic missile test
France said on Friday it was ready to work on stronger United Nations and European Union measures to help bring North Korea to the negotiating table.

After deliberations, the committee took decisions allowing the assessees to edit GSTR-3B and deputing two engineers each from the service provider Infosys to all States in a week's time to coordinate with the State officers for resolving IT issues faced by the tax payers.

The meeting assumed significance since GSTN, the information technology (IT) backbone and portal for real-time taxpayer registration, migration, and tax return filing under GST, had run into a technical snag.

"There are always initial hicupps and issues, but there haven't been large-scale failures", he said.

Kerala Finance Minister Thomas Isaac, Chhattisgarh Minister of Commercial Taxes Amar Agrawal, Karnataka Agriculture Minister Krishna Byre Gowda and Telangana Finance Minister Etela Rajender are other members of the GoM.

GSTN Chairman Ajay Bhushan Pandey and CEO Prakash Kumar assist the GoM in addressing the glitches. Because of that there is a heavy rush for the system.


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