Tax Practitioners Seek more time for filing GST returns

Tax practitioners have urged the government to grant more time for filing tax returns and invoices for the month of July, the first month since the roll-out of the goods and services tax (GST), as businesses and traders strive to adjust to the new indirect tax system.

While many firms managed to file returns without any glitch, many faced difficulties in the two days prior to the extended deadline of 25 August to pay taxes and file returns for the month of July.

Those seeking credit for taxes paid prior to 1 July under the earlier tax regime have time till 28 August to file GST returns. However, they have to remit their taxes by 25 August, taking into account their eligible tax credits.

By 2 pm on Friday, 2.93 million assessees had filed returns on the portal of GSTN, the company that processes GST returns, a person familiar with the development said on condition of anonymity.

That is just a fraction of the total number of assessees who have sought GST registration. As on 1 August, 7.2 million of the 8 million indirect tax assessees under the earlier tax system had migrated to GST, in addition to 1.3 million new taxpayers signing up.

News Source : http://www.livemint.com/Industry/oQ9rPoHYZaXwCHA0TNnYgM/Tax-practitioners-seek-more-time-for-filing-GST-returns.html

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