As reported by a top tax official, over 36 lakh businesses have so far filed their first tax returns under the GST regime. A revenue of Rs.65,000 Crore is been estimated to be collected from maiden GST. The deadline for filing for the very first return under GST – unifying a dozen state and central taxes including excise duty, service tax and VAT, ended on August 25. However, businesses availing transitional credit were given an extension to file the said return by August 28 after paying taxes on self-assessment basis by August 25.

CBEC Chairperson Vanaja Sarna, in her weekly letter to tax officials, had said the last date for payment of GST for July 2017 was extended up to August 25. But for those taxpayers who want to fill TRAN–I this month, the last date for filing GSTR–3B is August 28, she had said.

“At the start of the day today, over 36.32 lakh returns had been filed. Final tax collection numbers would be known once all the returns are in,” the official said.

The Tran – 1, utility,  is been uploaded over the GST portal last week by the tax filing apparatus for businesses to claim credit on taxes paid prior to GST rollout on July 1.

Also been reported that the taxpayers can continue to file returns and pay taxes even after the deadline ends as in Income Tax Returns.

It is also to be noted that as per the GST law, failure in furnishing the details of inward and outward supply within the prescribed due date shall lead the taxpayer to a penalty of Rs. 100 for every day during which such failure continues subject to a maximum Rs. 5,000. Besides, every person who fails to pay the tax within the period prescribed will be required to pay interest at 18 per cent from the day succeeding the day on which such tax was due to be paid.

 Reportedly said, while 72 lakh assessees of the old indirect tax regime have migrated to the GST Network portal, nearly 50 lakh have completed the migration process. Besides, of the 15 lakh fresh registrations, as many as 10 lakh are expected to file returns for July.

Sources –The Hindu – Business Line

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