As a means to simplify the annual return filing procedure the the Central Board of Indirect Taxes & Customs has introduced waivers for businesses with turnover upto Rs 2 crore.
The total number of GSTR 3B or summary returns filed up to April 30 was 60.47 lakh or 69.5 percent of the eligible filers
With almost nine months since the rollout of Goods and Services Tax (GST), what still gives anxiety to the chief executive of the information technology (IT) backbone GSTN is the lack of clarity on transitioning to the new return-filing procedure
Presently, businesses have to file returns in GSTR-1, GSTR-2 and GSTR-3 forms for every month. These forms detail outward supplies of taxable goods and/or services, inward supplies for claiming input tax credit and monthly return.
An exporter can claim refund of Integrated GST tax paid at the time of export by filling the details of shipping bill and tax paid GST invoice in his Form GSTR1 in the relevant month.
"To facilitate taxpayers, late fee on filing of GSTR-3B for August and September has been has been waived," Finance Minister Arun Jaitley tweeted.
The government had extended the goods and services tax (GST) filing period from August 20 to August 25 and CNBC-TV18 learn from sources that 10 lakh tax payers have filed till this morning.