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. This is below the expectations as 10th October was the last date to file returns for GSTR 1 for the month of July. The government tried all the methods to boost the return filing by extending the timeline by a whole two month alongside waiving off the penalty of INR 100 for the delay made.
An official statement released stated that “If a taxpayer does not file GSTR-1 by 10th of October, then the buyer may face difficulty in availing (input tax credit) ITC of the tax paid on his supplies. It is therefore advised that all suppliers of goods or services, especially B2B suppliers, furnish their outward supply details in GSTR-1 by the due.”
And now the government has totally suffixed the fact the no extended timeline will be granted for the filing of GSTR 1 form. The official further added that “It could be that many of the registrants did not transact at all, so they had no returns to file or it could be that those who have not filed are below the Rs. 20 lakh turnover threshold required to file GST returns.”
Previously it was also seen in the case of GSTR 3B filing that the data was low, even the return filing of GSTR 3B is much simple and hassle-free. According to the finance ministry data reports, the return filings for the month of July, 64 percent of taxpayers filed returns till August 31 and for the August, a total 55 percent filed returns till September 25, 2017.
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While talking about the revenues, there was a slight decline in the collections for the month of July was INR 94,000 crore and on the other front, the collections for August it stood at Rs. 90,669 crores. Recently in the 22nd GST council meeting, it was discussed that there will be a committee set up in direction of GoM to investigate the matters of GSTN glitches which were accounted to an approximate 25 errors.
