The initial time limit for Goods and Services Tax (GST) Filing was August 20, 2017, but considering technical stain i.e. prior to the time limit the tax return filing website crashed and the time limit was spread out till August 25, 2017, which came out to be a relief for State governments and tax practitioners as surplus was much needed. GST Network (GSTN) has alleged registered tax payers to file returns and invoices before the deadline to avoid zero hour rush.
Trailing the zero hours as per a government official, Rs. 42,000 Crore tax was deposited till August 21 which is expected to accumulate by the midnight. Till now a good compliance has been seen, as per calculated estimation 90-95% of the assesses will file returns and pay taxes.
GSTN has alleged the businesses to avoid zero hour rush for GST Filing, primarily businessmen wait for the last day to upload the invoices. Uploading of invoices on daily basis will allow buyers and sellers to immediately verify a number of purchases and then tally them.
With reference to the GST regime, it is mandatory for the business to upload invoices in order to process tax credit claims who do not avail the liberal composition scheme for tax payers’ up to Rs. 75 lakh a year.
Note – Please note that the above article is part of our continuous research on the related matters. It is based on our interpretation of related regulations which may differ person to person. Readers are expected to take expert opinion before relying on above.
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