{"id":5183,"date":"2017-08-10T05:57:39","date_gmt":"2017-08-10T05:57:39","guid":{"rendered":"https:\/\/sunkrish.com\/?p=5183"},"modified":"2017-08-21T17:38:48","modified_gmt":"2017-08-21T17:38:48","slug":"millions-of-firms-not-ready-to-file-returns-under-gst-kumar","status":"publish","type":"post","link":"https:\/\/sunkrish.com\/index.php\/2017\/08\/10\/millions-of-firms-not-ready-to-file-returns-under-gst-kumar\/","title":{"rendered":"Millions of firms not ready to file returns under GST: Kumar"},"content":{"rendered":"
\"\"<\/a>
Millions of companies are still not ready to file their first returns under the new GST ahead of an 20 August deadline, says Navin Kumar. Photo: Bloomberg<\/figcaption><\/figure>\n

Millions of companies in India are still not ready to file their first returns under the new goods and services tax (GST) ahead of an 20 August deadline, a top official told Reuters<\/i>, urging them not to leave things to the eleventh hour.<\/p>\n

Navin Kumar, chairman of the GST Network, also said barely half of the 34 service providers accredited to help firms bulk-file invoices online had received approval to go live.<\/p>\n

Yet he gave an assurance that the huge IT back end that is designed to crunch up to 3 billion invoices a month and calculate companies\u2019 taxes would be stable, even if there is a last-minute rush to file.<\/p>\n

\u201cIt will not crash,\u201d he told Reuters<\/i> in an interview. \u201cWe are working on the assumption that 50% of the people will come on the last day.\u201d<\/p>\n

Billed as India\u2019s biggest-ever tax reform, the GST has replaced a slew of federal and state levies. It has also cleared barriers between India\u2019s 29 states, uniting its 1.3 billion people into a common market for the first time.<\/p>\n

Yet the complexity of the tax \u2014 which has main rates of 5, 12, 18 and 28% and multiple exceptions \u2014 has raised concerns that companies will struggle to comply and file their monthly returns on time.<\/p>\n

Even before the GST filings kick in, business surveys showed both the services and manufacturing sectors contracting at their fastest rate in years, heralding a likely dip in indirect tax revenues.<\/p>\n

The government has allowed firms to file simplified, self-assessed GST returns by 20 August for the month of July, when the tax was launched.<\/p>\n

They will have to file complete returns in early September that itemise and reconcile every single sales invoice under a regime that, by comparison with other countries, is labour- and data-intensive.<\/p>\n

More than 7 million existing taxpayers have activated accounts on the GST\u2019s portal \u2014 although around a third have yet to complete the form-filling required to file a full tax return, Kumar said.<\/p>\n

Another 1.3 million new firms have registered to pay GST.<\/p>\n

He waved away concerns that companies would not be able to cope, saying that those used to paying value-added tax \u2014now abolished \u2014 were used to online filing.<\/p>\n

Although companies can upload invoices directly into the GST portal, big businesses will rely on a new breed of service provider whose applications can format, reconcile and upload invoices in bulk.<\/p>\n

Of a first batch of 34 services providers that have been accredited, only 18 have received permission to go live. \u201cI have been urging them to speed up their work,\u201d Kumar said.<\/p>\n

Source: http:\/\/www.livemint.com<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Millions of companies in India are still not ready to file their first returns under the new goods and services tax (GST) ahead of an 20 August deadline, a top official told Reuters, urging them not to leave things to … Continued<\/a><\/p>\n","protected":false},"author":1,"featured_media":5222,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[15,4,493,491],"tags":[914,322,305,535,972,976,985,523,426],"class_list":["post-5183","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-corporate-business-advisory-services","category-financial-corporate-services","category-economy-business-updates-corporate-affairs","category-income-tax-e-filing-of-returns-for-individuals-partnerships-companies","tag-digital-india","tag-e-filing","tag-economy","tag-goods-and-services-tax-gst","tag-gst-network-gstn","tag-gst-service-provider-gsp","tag-navin-kumar","tag-online","tag-reuters"],"_links":{"self":[{"href":"https:\/\/sunkrish.com\/index.php\/wp-json\/wp\/v2\/posts\/5183","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/sunkrish.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/sunkrish.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/sunkrish.com\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/sunkrish.com\/index.php\/wp-json\/wp\/v2\/comments?post=5183"}],"version-history":[{"count":6,"href":"https:\/\/sunkrish.com\/index.php\/wp-json\/wp\/v2\/posts\/5183\/revisions"}],"predecessor-version":[{"id":5225,"href":"https:\/\/sunkrish.com\/index.php\/wp-json\/wp\/v2\/posts\/5183\/revisions\/5225"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/sunkrish.com\/index.php\/wp-json\/wp\/v2\/media\/5222"}],"wp:attachment":[{"href":"https:\/\/sunkrish.com\/index.php\/wp-json\/wp\/v2\/media?parent=5183"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/sunkrish.com\/index.php\/wp-json\/wp\/v2\/categories?post=5183"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/sunkrish.com\/index.php\/wp-json\/wp\/v2\/tags?post=5183"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}