Powerd By SAG INFOTECH
Notifications can be turned of anytime from browser settings
Out of 65 lakh taxpayers, it is now evident that only 40 lakh taxpayers have filed returns under GSTR 1 for the month of July.
GST council revised the GST rates and took major decisions in a recent meeting to help small businesses and exporters. Now, the Council is not in a mood to further twist the GST rates.
It is necessary for a large corporate business to the small one to be updated and file the GST returns very carefully because it can lead to errors which can cost a penalty or money hold with electronic cash ledger.
The centre is over-viewing the GST structures for small business and may allow them to file the quarterly returns instead of monthly GST returns.
As the clock is ticking, the government’s concern is increasing that among 85 lakh registered taxpayers only 6.5 lakh have filed the GSTR-3B return for August month.
The government had collected INR 95,000 crore under GST regime for July month and as the Union Minister mentioned in the statement the compliance is 64% of the total 8 million taxpayers.
After the implementation of Goods and Service Tax (GST) from 1st July, exporters are facing problem in the working capital due to delay in receiving the tax refund under GST. In view of this, they have demanded to provide tax exemptions previously instead of reimbursement mechanism.
GSTR – 6 Return form for all the input service distributors whom have registered under the Goods and Services Tax (GST). Every Input Service Distributor (ISD) will require to furnish the details of invoices in GSTR- 6 form at GSTN portal.
The government of India, including Centre and States, have collected nearly Rs 92,283 crore from the Goods and Services Tax, the collection amount is the very first month after the new tax regime was implemented in the country, said Union Finance Minister Arun Jaitley.
