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Textile News   >     19-10-2017 - Thursday

  • Will Analyse Shortfall In Filing Of GST Returns, Says Revenue Secretary
  • The government is analysing reasons for the shortfall in filing of Goods and Services Tax returns but will take corrective action, if any, only after conducting a survey, Revenue Secretary Hasmukh Adhia told BloombergQuint in an interview.
  • Of 65 lakh eligible taxpayers, about 46 lakh entities filed GSTR-1 returns for July. The deadline for filing returns expired yesterday at midnight, after being extended twice. About 54 lakh GSTR-3B or summarised GST returns were filed so far, and around 8 lakh entities who filed GSTR-3B are yet to file GSTR-1, Adhia said.
  • "Non-filing could also be because taxpayers do not have transactions to report," the revenue secretary pointed out.
  • Some of these taxpayers' businesses would be business-to-consumer, and may not worry about invoice matching. There could also be a misunderstanding that not all taxpayers are supposed to file GSTR-1 returns. Hasmukh Adhia, Revenue Secretary
  • Following its survey, the government will try to take some corrective action and plug the gap in information flow, Adhia said. He expects a clear trend on revenue collections to emerge after at least six months.
  • We will have to watch the revenue trend of SGST and CGST for the next six months as there will be a difference of transitional credit in the next six months.Refunds are yet to be given and have to be adjusted from the income...first two months is no indication. Hasmukh Adhia, Revenue Secretary
  • Watch the full interview with Revenue Secretary Adhia here.
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  • Petrol, Diesel Under GST?
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  • On bringing petrol and diesel under the ambit of the new indirect tax regime, Adhia said the matter has not been discussed by the GST Council so far, and will only be taken up if all states are on board.
  • Oil Minister Dharmendra Pradhan recently said that the government is considering including petrol and diesel under GST to curb unpredictability in prices. Currently, a value added tax and excise duty is imposed on oil, which varies from one state to another.
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  • GST Rate Revisions On Hold?
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  • Any further revisions in rates of goods and services already under the ambit of GST, only follow a detailed analysis of revenue collections instead of going through "piecemeal" changes, Adhia said.
  • GST Council, in its October 6 meeting, approved a concept note with guidelines on rate revisions that need to be followed in future. The fitment committee will issue definite recommendations on rates based on the approach paper, he said. "When would that happen? The approach paper says it should be done after sometime," he added.
  • According to the concept note, which has been reviewed by BlooombergQuint, the GST Council will review items falling under the highest tax slab of 28 percent after three months with an aim to rationalise rates on goods of mass consumption.

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