By Friday evening as many as 2,964,653 filers had submitted returns for July under the goods and services tax(GST) regime. Friday was also the deadline for filing returns. 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. Hence the actual returns filed were way below the expectations.
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.
The government hopes that the collection figures would go up once all taxpayers file returns and pay taxes.
A last-minute rush had led to the GSTN portal crashing last week, forcing the government to postpone the e-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. While 7.2 million assessees of the old indirect tax regime have migrated to the GSTportal, 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.
With a strong willed stable central government, GST is here to stay. We hope in next couple of quarters, filing numbers of GST will take over the legacy numbers.