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LATEST NEWS UPDATES | Only 16% of initial GST returns filed for July-Dec matched with final returns

Only 16% of initial GST returns filed for July-Dec matched with final returns

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published Published on Mar 19, 2018   modified Modified on Mar 19, 2018
-PTI

NEW DELHI: With only 16 per cent of the summary sales returns under GST matching with the final returns, the revenue department has started to analyse major gaps with a view to check any possible tax evasion.

According to the GST returns data, 34 per cent of businesses paid Rs 34,400 crore less tax between July-December while filing initial summary return (GSTR-3B).

These 34 per cent of the businesses have paid Rs 8.16 lakh crore to the exchequer by filing GSTR-3B, whereas analysis of their GSTR-1 data show that their tax liability should have been Rs 8.50 lakh crore.

As per the analysis by the revenue department, initial returns filed and taxes paid by 16.36 per cent of the businesses have matched with their final returns and tax liability. They paid a total tax of Rs 22,014 crore.

However, the data also showed that there was excess tax payment of Rs 91,072 crore by 49.36 per cent of businesses registered under GST between July-December. While they have paid Rs 6.50 lakh crore as GST, the GSTR-1 filed by them shows that their liability should have been Rs 5.59 lakh crore.

Please click here to read more.

The Times of India, 18 March, 2018, https://timesofindia.indiatimes.com/business/india-business/only-16-of-initial-gst-returns-filed-for-july-dec-matched-with-final-returns/articleshow/63356994.cms


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