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A new facility has been started by the government on its GSTN portal, under which the taxpayers who paid excess tax money by mistake, can now transfer the money back to their bank accounts. This facility has started online from 29th November.
Vanaja N Sarna, Chairperson of Central Board of Excise and Customs (CBEC), said that the tax collected under the new tax regime is deviating from the expected figure and there are no targets in line to tweak the annual revenue goals.
A five-member GoM meeting, including Assam finance minister Himanta Biswa Sarma, Jammu and Kashmir finance minister Haseeb Drabu, Bihar deputy chief minister Sushil Kumar Modi, Punjab finance minister Manpreet Singh Badal and Chhattisgarh commercial taxes minister Amar Agrawal, was set up on Sunday
The GST council has lowered the tax rates on vehicles purchased and leased to a record 65 percent of the applicable GST rates even including compensation cess.
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.
