MORE THAN 2.9 MILLION FILE GST RETURNS

As many as 2,964,653

filers have submitted returns for July under the goods and services tax (GST) regime by the Friday evening. Friday was the deadline for filing returns. The number of filers is likely to increase. The GST Network has estimated about 4.8 million returns would be filed. Those who have filed returns constitute over 34 per cent of total assessees, of about 8.7 million, under the GST regime.

As many as 2,964,653 filers had submitted returns for July under the goods and services tax (GST) regime by the Friday evening. Friday was the deadline for filing returns. The number of filers are likely to increase as the day ends.

GST Network, which is responsible for the information technology backbone of the indirect tax regime, has estimated about 4.8 million returns would be filed.

Those who have filed returns constitute over 34 per cent of total assessees, of about 8.7 million, under the GST regime. However, of the 8.7 million assesses, 2.2 million are yet to complete the migration process.

A last-minute rush had led to the GSTN portal crashing last week, forcing the government to postpone the tax filing deadline by five days to August 25. Those who wish to claim transitional input tax credit can file returns by August 28.

About 4.8 million taxpayers had saved their sales data on the portal till August 23 and they are just a step away from paying taxes and filing returns. An estimated ~50,000 crore had come in as taxes from those returns.

The taxes submitted include Central GST, State GST and Integrated GST, as also cess on luxury and demerit goods such as cars and tobacco.

The collection figure would go up once all taxpayers file returns and pay taxes.

While 7.2 million assessees of the old indirect tax regime have migrated to the GST portal, nearly 5 million have completed the migration process. Besides, of the 1.5 million fresh registrations that have happened, as many as 1 million are expected to file returns for July.