GSTN urges businesses to avoid last minute return filings
New Delhi: Goods and Service Tax (GST) Network, the company that processes GST returns has urged registered tax payers to file returns and invoices before deadline to avoid last-minute rush.
For July, the first month of rolling out the new indirect tax system, the extended deadline for filing returns and for making tax payments is 25 August. The return filing deadline for those claiming credit for taxes paid in the previous indirect tax regime is 28 August.
The original deadline of 20 August was extended as state governments and tax practitioners requested for more time. Technical glitches due to a last-minute surge in return filing was also a reason for the deadline extension, which GSTN wants to avoid now.
“Uploading of invoices is a simple process at the GST portal and should be completed early in order to avoid delays that are usually witnessed on the last day,” said a statement from GSTN.
Although the GST portal can handle as many as 3.2 billion invoices every month, businessmen must not wait for the last date for uploading invoices or for filing returns, said the statement. It said quoting chairman Navin Kumar that uploading of invoices on a daily basis will allow buyers and sellers to immediately verify the amount of purchases and then tally them.
In the GST regime, businesses that do not avail of the liberal composition scheme meant for tax payers with up to Rs75 lakh a year, have to upload invoices in order to process tax credit claims.