Rs. 92150 cr revenue on GST paid upto Oct 23: Finance Ministry

GST will take a year to stabilise some more rejig required in tax structure Hasmukh Adhia

As per GST (Goods and Services Tax) Rule 45, details of inputs or capital goods sent to job worker and received back from them need to be furnished on a quarterly basis in ITC-04. The government is now planning to credit the late fine which has been charged to taxpayers back to their accounts.

The government has started the process of providing refunds to exporters for the month of August and September.

Businesses have been demanding that the government waives penalty for delayed filing of 3B returns.

On October 6, after the GST Council meeting, Finance Minister Arun Jaitley had said that the data for blocked credit of exporters is available electronically but the electronic refund process was being prepared and that it may take some time.

In some much-needed reprieve for traders and small businesses facing difficulties in complying with filing GST returns, the Centre on Tuesday announced that it had chose to waive the penalty levied on account of delayed filing for the months of August and September. The GST law mandates for charging a late fee of Rs 100 per day on Central GST (CGST) and the same amount on State GST (SGST) in case of late filing of returns and payment of taxes. Businesses under composition scheme have to file their returns only quarterly. "We hope more people are able to file return within the due date", Pandey explained.

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For September, the last date to file GSTR-3B was October 20.

For August, only 55 per cent of businesses had filed returns till September 25. Integrated GST (IGST) collections stood at Rs 48,948 crore, of which Rs 23,951 crore was on account of imports, a PTI report said.

The customs department will then tally the information with the shipping bill data and also the taxes paid in GSTR-3B.

Kumar said that the GST Network (GSTN), which handles IT infrastructure for the tax regime, has started issuing refunds from October 10 to exporters for Integrated GST (IGST) they paid for the month of July, after matching GSTR-3B and GSTR-1.

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