Dealing with points with GST portal? Govt prone to prolong submitting deadline for taxpayers – India TV
The Items and Companies Tax Community (GSTN) has recognized main technical glitches with the GST portal, resulting in discussions on a potential extension of GSTR-1 submitting. The portal is presently present process upkeep and is predicted to renew operations quickly, GSTN mentioned in a press release on X (previously Twitter).
The matter has been referred to the Central Board of Oblique Taxes and Customs (CBIC) by an incident report, however no official notification has been issued to increase it.
Impression of GSTR-1 submitting deadlines
The final date for submitting GSTR-1 for the December 2024 tax interval is February 11, 2025, for normal taxpayers and February 13, 2025, for the Quarterly Return Month-to-month Cost (QRMP) scheme, however technically errors prevented many companies and authorized accountants from submitting returns, downloading information, or responding to notices.
Tax professionals specific concern
Chartered accountant Himank Singla highlighted routine points, together with failure to supply GSTR-1 summaries and receipt of required paperwork like RFD-01. He highlighted the repeated technical failures within the GST portal in the course of the peak interval, which led to frustration amongst taxpayers.
One other chartered accountant, Hanni Munjal, identified that the deferral of GSTR-1 may hamper the submitting of GSTR-2B kinds, which is vital for patrons claiming enter tax credit score (ITC). These delays may hinder the supply of working capital to companies, particularly multinationals. They need to pay GST liabilities in money.
Potential deadline extension
Specialists have steered a 2-3 day extension within the GSTR-1 submitting deadline, probably till January 13, 2025, to handle the difficulty. Nevertheless, this extension would possibly compress the reconciliation window for GSTR-2B, including additional problems for taxpayers.
Who must file GSTR-1?
As per GST guidelines, all registered taxpayers making outward provides of products or companies should file GSTR-1, apart from composition taxpayers, enter service distributors, and people liable to deduct or gather tax. Taxpayers with a turnover of as much as ₹5 crore can go for quarterly submitting below the QRMP scheme.
With companies eagerly awaiting a CBIC resolution, the federal government faces strain to make sure easy compliance whereas addressing systemic flaws within the GST portal.
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