Get Instant Loan up to ₹10 Lakh!
Finance ministry asks businesses to avoid last minute rush in GST return filing
- The deadline for filing annual return for the first year of GST rollout was extended till 30 June
- Last minute GST return filings by a large number of businesses and merchants had led to glitches in the GSTN portal in 2017
New Delhi: The finance ministry on Tuesday asked businesses to file their Goods and Services Tax (GST) annual return for FY18 before the 30 June deadline to avoid last minute rush. Last minute filings of monthly returns by a large number of businesses and merchants had led to glitches in the GSTN portal in the initial months of GST implementation in 2017.
In a clarification issued on return filing, the ministry said that wherever the autopopulated data on their return forms do not match the actual information they want to file, they should ignore the autopopulated data and go by their books of accounts. "It may be noted that auto-population is a functionality provided to taxpayers for facilitation purposes, taxpayers shall report the data as per their books of account or returns filed during the financial year," said the finance ministry clarification.
The deadline for filing annual return for the first year of GST rollout was extended till 30 June to give businesses more time to come to terms with the new technology driven tax system. Central and state authorities are now working on measures to improve compliance after taking a lenient approach so far in the GST regime.
Catch all the Business News , Breaking News Events and Latest News Updates on Live Mint. Download The Mint News App to get Daily Market Updates.
Business NewsNewsIndiaFinance ministry asks businesses to avoid last minute rush in GST return filing
First Published:4 Jun 2019, 12:23 PM IST
- Top Gainers
- Top Losers
- 52 Week High