Goods and Services tax chief, Navin Kumar alerted that though he has urged the service providers only half of these are right now authorized to help bulk-file invoices online and this was a deficient number.
Also, thousands and millions of companies in India have still not initiated anything to file their first return under the Goods and Service Tax as the deadline is approaching. The deadline to file the returns is 20th August.
But the chief assured that even if there is a last minute rush, the IT back end support is robust enough to capture 3 billion invoices and thus calculate companies’ taxes without crashing.
Filing the tax, in the end, could be an onus considering that the companies will struggle to comply and file their returns on time considering the complexity of the taxes, which has multiple exceptions and rates such as 5, 12, 18 and 12 percent.
This has been one of the biggest initiatives regarding tax reforms in India where all the barriers regarding federal and state taxes have been removed, and 29 States have been united.
The government had asked the firms on 1st July when the tax was launched to file a self-assessed GST return by 20th of August for the month of July. Post this the companies will have to file returns in early September that should reconcile every sale invoice.
As per the stats, more than 7 million taxpayers have activated their accounts on GST portal, though one-third of these are yet to complete the form filling procedure. Apart from these another 1.3 million new firms have registered to pay the GST.