Latest news with #GoodsandServicesTaxNetwork
&w=3840&q=100)
Business Standard
a day ago
- Business
- Business Standard
E-way bills grow nearly 19% to 122.65 million in May, shows data
The year-on-year (Y-o-Y) growth in e-way bills — electronic permits required for transporting goods across and within states — surged by nearly 19 per cent in May, compared with a 23.29 per cent growth registered in April, according to data from the Goods and Services Tax Network (GSTN). This is the second-highest growth after a record 124.5 million in March this year. Sequentially, the number of e-way bills increased by 2.83 per cent in May, reaching 122.65 million, after a dip of 4.2 per cent in April to 119.26 million. E-way bills are required to move goods worth more than ₹50,000 and are often used as an early indicator of demand and supply in the economy. These trends typically manifest in larger economic indicators after some time. Intra-state e-way bills stood at 80.17 million in May, while inter-state e-way bills totalled 42.48 million during the month. According to GSTN data, there are 15.2 million registered GST payers, with 6.19 billion e-way bills generated cumulatively so far. The noticeable increase in the generation of e-way bills signals a significant improvement in compliance, indicating a stronger potential to reduce tax leakages, according to Abhishek Rastogi, Founder of Rastogi Chambers. "Businesses have become increasingly cautious in issuing accurate e-way bills, especially in response to numerous instances where flying squads have intercepted vehicles and taken stringent action against non-compliance. Such proactive enforcement has prompted businesses to adhere more strictly to GST norms," Rastogi said. He further noted that these compliance-oriented mechanisms are instrumental in strengthening the overall GST revenue collection framework. However, Rastogi also highlighted that there have been cases, some even reaching the courts, where perishable goods were subjected to manifestly arbitrary and unlawful actions. 'The GST Council must ensure that enforcement efforts are balanced and fair,' Rastogi added. 'It is essential that genuine businesses are protected from undue hardship, and all measures must be taken to prevent actions that could be detrimental to legitimate trade.' The Reserve Bank of India (RBI) cut the repo rate by 50 basis points on Friday and stated that private consumption, which drives overall demand, is performing well, helped by a slow rise in non-essential spending. It noted that rural demand is steady, urban demand is improving, and investment activity is picking up. The central bank expects the economy to grow by 6.5 per cent in FY26, with balanced risks.
Economic Times
4 days ago
- Business
- Economic Times
From July 1, GST returns pending three years can't be filed
ANI Goods and Services Tax (GST) The Goods and Services Tax Network on Saturday cautioned taxpayers that they will not be allowed to file their returns after three years from the due date from next month. In an advisory, it asked taxpayers to reconcile their records and file pending returns before the deadline. The restriction—set to be implemented on the GST portal from July—follows an amendment in the Finance Act, 2023. This will be applicable for various returns including GSTR-1, GSTR-3B and GSTR-9. "The said restriction will be implemented on the GST portal from July 2025 tax period. Hence, the taxpayers are once again advised to reconcile their records and file their GST returns as soon as possible, if not filed till now," the Goods and Services Tax Network (GSTN) said in its advisory. The Central Board of Indirect Taxes and Customs (CBIC) has already communicated to field formations to sensitise taxpayers about the deadline, so that they reconcile their records and file pending returns soon. Experts said the move is aimed at fostering greater discipline in the tax ecosystem and ensuring time-bound compliances.'For businesses, this advisory carries significant implications. It is absolutely imperative to ensure all returns are filed promptly to avoid loss of input tax credit to their buyers and significant penalties,' said Saurabh Agarwal, tax partner, EY. 'Looking ahead, it's highly probable that this three-year window will be further reduced,' Agarwal added. Rajat Mohan, senior partner, AMRG and Associates, said this will also help in restraining retrospective amendments. 'This move marks a definitive closure of the return filing window, aimed at bringing certainty to the tax system and limiting retrospective compliances,' said Mohan. He, however, added that it may severely impact taxpayers who- —due to litigation, system issues or genuine oversight—have pending filings. 'The absence of a redressal mechanism for exceptional cases could lead to permanent denial of input tax credit and financial setbacks,' Mohan said.
Time of India
4 days ago
- Business
- Time of India
From July 1, GST returns pending three years can't be filed
The Goods and Services Tax Network on Saturday cautioned taxpayers that they will not be allowed to file their returns after three years from the due date from next month. In an advisory, it asked taxpayers to reconcile their records and file pending returns before the deadline. The restriction—set to be implemented on the GST portal from July—follows an amendment in the Finance Act, 2023. This will be applicable for various returns including GSTR-1, GSTR-3B and GSTR-9. "The said restriction will be implemented on the GST portal from July 2025 tax period. Hence, the taxpayers are once again advised to reconcile their records and file their GST returns as soon as possible, if not filed till now," the Goods and Services Tax Network (GSTN) said in its advisory. The Central Board of Indirect Taxes and Customs (CBIC) has already communicated to field formations to sensitise taxpayers about the deadline, so that they reconcile their records and file pending returns soon. Live Events Experts said the move is aimed at fostering greater discipline in the tax ecosystem and ensuring time-bound compliances. 'For businesses, this advisory carries significant implications. It is absolutely imperative to ensure all returns are filed promptly to avoid loss of input tax credit to their buyers and significant penalties,' said Saurabh Agarwal, tax partner, EY. 'Looking ahead, it's highly probable that this three-year window will be further reduced,' Agarwal added. Rajat Mohan, senior partner, AMRG and Associates, said this will also help in restraining retrospective amendments. 'This move marks a definitive closure of the return filing window, aimed at bringing certainty to the tax system and limiting retrospective compliances,' said Mohan. He, however, added that it may severely impact taxpayers who- —due to litigation, system issues or genuine oversight—have pending filings. 'The absence of a redressal mechanism for exceptional cases could lead to permanent denial of input tax credit and financial setbacks,' Mohan said.
&w=3840&q=100)
Business Standard
5 days ago
- Business
- Business Standard
GST returns to become time-barred after 3 years starting July tax period
GST Network on Saturday said beginning the July tax period, GST taxpayers will not be able to file monthly and annual GST returns after three years of the original filing due date. The July 2025 tax period means taxpayers will file monthly returns in August this year. In an advisory, the Goods and Services Tax Network (GSTN) said taxpayers will not be able to file GSTR-1, GSTR 3B, GSTR-4, GSTR-5, GSTR-5A, GSTR-6, GSTR 7, GSTR 8 and GSTR 9 on expiry of three years from the filing due date. The amendments to Goods and Services Tax (GST) law with regard to time barring were effected through the Finance Act, 2023. Thus, GST outward supply returns, besides returns related to payment of the liability, annual returns and tax collected at source will become time-barred. "The returns will be barred for filing after expiry of three years. The said restriction will be implemented on the GST portal from the July 2025 Tax period," the GSTN advisory said. It advised taxpayers to reconcile their records and file their GST returns as soon as possible if not filed till now. Earlier in October, the GST Network (GSTN) alerted taxpayers that the said provision of tax barring would be implemented in early 2025. AMRG & Associates Senior Partner Rajat Mohan said that while this step enhances system discipline and curtails prolonged non-compliance, it may severely impact taxpayers who, due to litigation, system issues, or genuine oversight, have pending filings. "The absence of a redressal mechanism for exceptional cases could lead to permanent denial of Input Tax Credit and financial setbacks," Mohan said.
The Hindu
5 days ago
- Business
- The Hindu
GST returns to become time-barred from July tax period
GST Network on Saturday (June 7, 2025) said beginning the July tax period, GST taxpayers will not be able to file monthly and annual GST returns after three years of the original filing due date. The July 2025 tax period means taxpayers will file monthly returns in August this year. In an advisory, the Goods and Services Tax Network (GSTN) said taxpayers will not be able to file GSTR-1, GSTR 3B, GSTR-4, GSTR-5, GSTR-5A, GSTR-6, GSTR 7, GSTR 8 and GSTR 9 on expiry of three years from the filing due date. The amendments to Goods and Services Tax (GST) law with regard to time barring were effected through the Finance Act, 2023. Thus, GST outward supply returns, besides returns related to payment of the liability, annual returns and tax collected at source will become time-barred. "The returns will be barred for filing after expiry of three years. The said restriction will be implemented on the GST portal from the July 2025 Tax period," the GSTN advisory said. It advised taxpayers to reconcile their records and file their GST returns as soon as possible if not filed till now. Earlier in October, the GST Network (GSTN) alerted taxpayers that the said provision of tax barring would be implemented in early 2025. AMRG & Associates Senior Partner Rajat Mohan said that while this step enhances system discipline and curtails prolonged non-compliance, it may severely impact taxpayers who, due to litigation, system issues, or genuine oversight, have pending filings. "The absence of a redressal mechanism for exceptional cases could lead to permanent denial of Input Tax Credit and financial setbacks," Mohan said.
